• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Economics Commentary #1 Patent Lawyer Demand Rises Following U.S. Legislative Overhaul Bloomberg, Oct. 8, 2011

Extracts from this document...

Introduction

Yuliya Pakhilka IB Economics Page IB Economics Commentary #1 ?Patent Lawyer Demand Rises Following U.S. Legislative Overhaul? ? Bloomberg, Oct. 8, 2011 Word Count: 601 Due: October 17, 2011 IB Syllabus Section II Yuliya Pakhilka ________________ The extract explains how the quantity demand for patent lawyers far surpasses the quantity supply of patent lawyers. Quantity demand is the want, ability, and willingness of consumers to purchase a good or service. Quantity supply is the amount of a good or service that a seller is willing to sell at a specific price. The service that the extract describes is that which is provided by a patent lawyer, preferably one with a degree in engineering or computer science as well as at least four years of experience in a strong law firm. ...read more.

Middle

The high price and low quantity result in a very high equilibrium, or the optimum price and quantity of a good or service. The demand for a patent lawyer is directly proportional to the advancements of technology. To keep up with demand, more patent attorneys and patent agents are being hired; however, a law firm cannot just produce 100 new attorneys to keep up with client needs, making this a service with low supply elasticity. A low supply elasticity means that one will only see significant changes in supply during the long run, which is a period of time long enough for companies to enter or leave the market. ...read more.

Conclusion

Many of these advancements may also increase the productivity of manufactured goods, allowing sellers to produce more products for the same cost. This will cause the equilibrium price to decrease, benefitting buyers. Basically, once the shortage of patent attorneys is cleared (where there is neither a surplus nor a shortage), the entire market, in theory, will benefit. The winners in this situation are the patent lawyers, inventors, and anyone that would benefit from an increase in technology. The losers in this situation are the other types of lawyers and the workers that an increase in technology would replace. In the long term, an increase in patent attorneys will be noticeable due to the fact that more individuals will want to fill the 12% gap in supply and demand. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our International Baccalaureate Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related International Baccalaureate Economics essays

  1. IB Economics Commentary - Australia MPs Pass Carbon Tax The Guardian October ...

    The community surplus is not maximized due to the effects of pollution, since it is causing a negative consequence. One way government policies may counter the problem is to tax the firm in order to increase the firm's private costs.

  2. Extended Essay Economics

    A request for import approval from CADIVI is required. The firm has to detail what they need to be imported, the value of these items, as well as the quantity of good being imported. Approval is usually a quick process and takes 2-3 days. These goods are then imported and received by the firm.

  1. Supply and Demand - Applying the Theory

    Similarly, government intervention has led to shortages and surging prices; "rising prices has prompted governments to step in to control prices", and this means producers will be less willing to produce more milk as they may not earn as much.

  2. Macro Economics Notes

    E.g rising oil prices, higher wage demands, a rise in sales tax or a fall in the value of the currency. Demand Pull Inflation Inflation caused by rises in AD, the same as the demand curve in micro-economics. E.g reductions in interest rates or income tax, a rise in the

  1. Economics Commentary - demand for lactose free milk.

    D1 D Q Q P Processed free lactose milk P Soy milk S S � � D1 D D Q Q Besides the problems that lactose causes in people that can't digest this sugar and the substitutes that had been created to provide them the same vitamins and minerals as

  2. Growth and Development Problem Set - IB Economics exam questions and answers.

    to lead a long, healthy and creative life with a decent standard of living, freedom and dignity. The HPI in developing countries uses the following indicators: * deprivation in longevity, measured by the probability at birth of not surviving to age 40 * deprivation in knowledge, measured by percentage of

  1. IB economics commentary - Demand and Supply

    Experts have also blamed the government for not taking action to help farmers reduce their losses. Noureddin said that changes in weather patterns are forecast five days in advance, giving Ministry of Agriculture officials enough time to inform farmers

  2. Economics Essay on Supply and Demand and the operation of markets.

    more of a good is being sold then supplied, income and outcome must be balanced through change of price to delete the deficit. In conclusion to leading to optimal allocation of resources and how the market forces demand and supply, one of the leading contributing factors is how producers and consumers act in their own interest.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work