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Magnitude of change in demand and supply
The Wall Street Journal reported that recent law school graduates were having a very difficult time obtaining jobs in the legal profession. Many law schools said that 10 to 20 percent 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 information, what would be your prediction about lawyers' salaries for the future? Please explain 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).
The rising stock market implies an increase in wealth, at least as measured on paper. If we assume that some of this increased wealth gets consumed, then the rising stock mark
Larry, curly, and Moe run the only saloon in the town. Larry want to sell as many as possible without losing money. curly wants the saloon to bring in as much revenue as pos
Until the early 1990s, the U.S. government emphasized GNP rather than GDP as a measure of economic wellbeing. Which measure should the government prefer if it cares about the
The stock of ABC Corporation will go ex-dividend tomorrow. The dividend will be $0.50 per share, and there are 20,000 shares of stock outstanding.
What is the marginal physical product of the fifth worker? What is the weekly wage of the fifth worker? What does the price of output need to be in order for the firm to profi
What is a government budget deficit How does a federal budget deficit affect the economy How does it affect the level of investment and interest rates How does it affect the
Imagine that you work for the maker of a leading brand of low-calorie, frozen microwavable food that estimates the following demand equation for its product using data from
Suppose that people expect the Fed to hit its inflation target. In the short run, if output growth is just 2 percent for two years and the equation determining the real inte
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