Economic rent is defined as the a)amount by which the payment to a factor of production...
Economic rent is defined as the a)amount by which the payment to a factor of production exceeds the supplier's opportunity cost. b)amount landlords charge to tenants. c)difference between total revenue and implicit costs.
Homework Answers
Answer : the answer is option b.
Tenants has to pay some amounts to landlord which is charged by the landlord. The amount which is paid by tenants to landlord is called economic rent. Therefore, option b is correct.
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Economic rent is defined as the a)amount by which the payment to
a factor of production...
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HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment Normal profit is the return to entrepreneurship. The normal profit is part of a firm's opportunity cost because it is the cost of persuading the entrepreneur of not running another business. Chapter 7 Handout. Question 2: In...
45. Under what circumstances will all of the payment to a factor of production be economic...
45. Under what circumstances will all of the payment to a factor of production be economic rent? Wher a factor of production has a(n) a. infinitely inelastic supply curve. b. infinitely elastic supply curve. C. constant, unit elastic supply curve. d. infinitely inelastic demand curve.
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Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced...
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The difference between accounting profit and economic profit relates to a. the manner in which revenues...
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27. Economic costs a. include both a normal rate of return on investment and the opportunity...
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HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment Normal profit is the return to entrepreneurship. The normal profit is part of a firm's opportunity cost because it is the cost of persuading the entrepreneur of not running another business. Chapter 7 Handout. Question 2: In...
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