A law firm seeks to recruit top quality experienced lawyers. the total package offered is the sum of three separate components: a basic salary which 1.2 times the candidate's current salary together with an addintional $3000 for each year worked as a qualified lawyer and an extra $1000 for every year that they are over the age of 21. Work out a formula that could be used to calculate the total salary, S, offered to someone who is A years of age, has E years of relevant experienced and who is 30 years old with five years experienced and who currently earns $150.000.

Explanation:

1. An extra $1,000 for every year that they are over the age of 21. If the person is A years of Age then the expression is 1,000 * (A - 21).

An additional $3,000 for each year worked as a qualified lawyer. If the person has E years experience. Expression = 3,000E.

The basic salary is 1.2 time the candidate current salary. If the person currently earns $N the expression is; 1.2N

Putting that all together;

S = 1.2N + 3,000E + 1,000 * (A - 21)

2. Variables are; N = 150,000; E = 5 ; A = 30

S = 1.2N + 3,000E + 1,000 * (A - 21)

= 1.2 * 150,000 + 3,000 * 5 + 1,000 * (30 - 21)

= $204,000

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answer///supply is elastic, and demand is inelastic;