Explain changes occur to demand, supply & quantity demanded

Reference no: EM1374389

The Wall Street Journal reported that recent law school graduates were having a very difficult time getting jobs in the legal profession. Many law schools said that ten to 20% of their graduates still had not found jobs. The historical average had been 6 to 8 percent. Many recent graduates were taking jobs outside law at much lower wages than were typically paid to beginning lawyers. Based on this data, what would be your prediction about lawyers' salaries for the future? Describe your answers in terms of the market for lawyers fully explaining what changes will occur to demand, supply, quantity demanded, quantity supplied, and equilibrium price for lawyers (starting wages for lawyers).

Reference no: EM1374389

Questions Cloud

Concept of derived demand : One way to view the law of diminishing marginal productivity is to say that, The concept of derived demand can best be illustrated by the statement:

Find changes on the equilibrium price : Think the market for personal computers. Assume that the demand is constant : the demand curve does not change. Predict the effects of the following changes on the equilibrium price of computers.

Calculate the total tax bill : Calculate the total tax bill for both low and high income individuals in both countries and fill in the table above with your results and what is the unemployment rate

Effects on exchange rate in british pound and japanese yen : Suppose the government cuts its purchases through $120 billion. As a result, budget deficit is decreased by $40 billion, private domestic saving reduced by $10 billion,

Explain changes occur to demand, supply & quantity demanded : The Wall Street Journal reported that recent law school graduates were having a very difficult time getting jobs in the legal profession. Many law schools said that ten to 20% of their graduates still had not found jobs.

Net effect of arrangement-reduction in income tax liability : The net effect of this arrangement is a reduction in their income tax liability - Will Carol and Jared''s plan work? Explain

Monopolistic and perfect competition market model : Discuss the difference between monopolistic competition, and perfect competition market models and also provide examples from the real life.

Role of supply and demand in decision making : Discuss the difference between a movement along and shift of the demand curve? Demonstrate the impact on the equilibrium price and quantity that results from;

How to regulate the nations banks : A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.

User Account

All Pages