You are HR di. ector for a growing law firm in Tampa, Florida, which cu."ently has need of writing 30 legal briefs every hour. Each of your company's attorneys can write on average five briefs per hour. You are consid ring hiring four paralegals to shoulder the load; each pa alegal is a bit slower than the attorneys and can write on average only 2.5 briefs per hour. You scan the current wages in the Tampa area and notice that the attorneys in your company earn the local occupational median wage of $41.64 per hour, but that the prospective four paralegals will likely want to get paid their local occupational median wage of $23.66 per hour. a. Would /our company save money in the writing of the 30 legal briefs by hiring the four paralegals and firing some attorneys? b. The local Tampa Paralegal Union has observed that the Bureau of Labor Statistics projects that employment of paralegals over the next decade will rise considerably faster than the employment of lawyers (https://www.bls.gov/emp/ep_table_107.htm) because paralegals are becoming more skilled. As evidence, they cite newly-graduated paralegals who are able to write

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter16: The Markets For Labor, Capital, And Land
Section: Chapter Questions
Problem 4P
icon
Related questions
Question
You are HR di, ector for a growing law firm in Tampa,
Florida, which cu."ently has need of writing 30 legal
briefs every hour. Each of your company's attorneys can
write on average five briefs per hour. You are
consid ring hiring four paralegals to shoulder the load;
each pa alegal is a bit slower than the attorneys and
can write on average only 2.5 briefs per hour. You scan
the current wages in the Tampa area
and
notice that the attorneys in your company earn the local
occupational median wage of $41.64 per hour, but that
the prospective four paralegals will likely want to get
paid their local occupational median wage of $23.66 per
hour.
a. Would /our company save money in the writing of
the 30 legal briefs by hiring the four paralegals and
firing some attorneys?
b. The local Tampa Paralegal Union has observed that
the Bureau of Labor Statistics projects that employment
of paralegals over the next decade will rise considerably
faster than the employment of lawyers
(https://www.bls.gov/emp/ep_table_107.htm) because
paralegals are becoming more skilled. As evidence, they
cite newly-graduated paralegals who are able to write
on average 3.75 briefs per hour. If the other values
remain the same (attorney wage and writing speed,
need for 30 briefs per hour), would the company save
money in the writing of the 30 legal briefs by hiring four
newly-graduated paralegals and firing some attorneys?
Transcribed Image Text:You are HR di, ector for a growing law firm in Tampa, Florida, which cu."ently has need of writing 30 legal briefs every hour. Each of your company's attorneys can write on average five briefs per hour. You are consid ring hiring four paralegals to shoulder the load; each pa alegal is a bit slower than the attorneys and can write on average only 2.5 briefs per hour. You scan the current wages in the Tampa area and notice that the attorneys in your company earn the local occupational median wage of $41.64 per hour, but that the prospective four paralegals will likely want to get paid their local occupational median wage of $23.66 per hour. a. Would /our company save money in the writing of the 30 legal briefs by hiring the four paralegals and firing some attorneys? b. The local Tampa Paralegal Union has observed that the Bureau of Labor Statistics projects that employment of paralegals over the next decade will rise considerably faster than the employment of lawyers (https://www.bls.gov/emp/ep_table_107.htm) because paralegals are becoming more skilled. As evidence, they cite newly-graduated paralegals who are able to write on average 3.75 briefs per hour. If the other values remain the same (attorney wage and writing speed, need for 30 briefs per hour), would the company save money in the writing of the 30 legal briefs by hiring four newly-graduated paralegals and firing some attorneys?
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Demand Schedule
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Principles of Microeconomics
Principles of Microeconomics
Economics
ISBN:
9781305156050
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,