LSAT fees going up
Posted: Thu Apr 19, 2012 9:28 am
Law School Discussion Forums
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https://www.top-law-schools.com/forums/viewtopic.php?f=2&t=183092
Scotusnerd wrote:Glad I took it when I did! Yikes.
It's a strange market where the seller jacks up the price in response to plummeting demand.Gail wrote:when demand goes down, usually you want to increase value, not prices.
but be stupid, i guess.
It doesn't have to work that way when you have zero competition and a guaranteed customer base. I mean, is anyone really going to choose on passing up the law school application process just because of the increased costs? I doubt it, or at least not many will.Gail wrote:when demand goes down, usually you want to increase value, not prices.
but be stupid, i guess.
I'm guessing they view their product as being relatively inelastic. If they can increase the price by 15% and test takers only go down by say like 7% next year then LSAC made a good business call. If on the other hand like you said on their blog they go with the typical idea of reducing price to increase test takers and they say reduce it by 15% for an increase in 7% or whatever then they lose more money. Or alternatively if they leave the price the same and test takers continue to go down, their revenue continues to drop.LSAT Blog wrote:It's a strange market where the seller jacks up the price in response to plummeting demand.Gail wrote:when demand goes down, usually you want to increase value, not prices.
but be stupid, i guess.
I.e., law school/theLSAT is more like dope than photocopies.2014 wrote:I'm guessing they view their product as being relatively inelastic. If they can increase the price by 15% and test takers only go down by say like 7% next year then LSAC made a good business call. If on the other hand like you said on their blog they go with the typical idea of reducing price to increase test takers and they say reduce it by 15% for an increase in 7% or whatever then they lose more money. Or alternatively if they leave the price the same and test takers continue to go down, their revenue continues to drop.LSAT Blog wrote:It's a strange market where the seller jacks up the price in response to plummeting demand.Gail wrote:when demand goes down, usually you want to increase value, not prices.
but be stupid, i guess.
I think you make a good point though about law schools needing to step up and fund some of the loss. LSAC probably could care less how many applicants there are as long as they can price it in such a way that their profits remain steady or increase. It is the law schools who are interested in getting application numbers back up.
This is why I think they should be doing what they can to encourage a greater number of applications and applicants, rather than sitting back as sending out additional applications becomes more expensive, etc. Further barriers to entry are the last thing law schools need right now.2014 wrote:It is the law schools who are interested in getting application numbers back up.
LSAT Blog wrote:I wrote that story on Tuesday:
http://lsatblog.blogspot.com/2012/04/ls ... e-why.html
Funny how hers uses the same source as mine (an LSAC report from December) and came out the day after...
But the other major tests for graduate admissions are computer-based. I believe that's the ostensible reason for their relatively higher cost.ThreeRivers wrote:The price of the test compared to other tests really isn't bad at all.
It was the fucking $16 fee for every app (which they've increased to $21)
Plus the $124 just to use CAS was $124 (now $155)
That's ridiculous
Just charge me $200 for everything and I'd be fine