How does the economist’s use of the term “rent” differ from everyday usage? Explain: “Though rent need not be paid by society to make land available, rental payments are useful in guiding land into the most productive uses.”

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A: Elasticity of demand refers to the responsiveness of change in demand due to change in price. If the…

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A: The Canadian rice producers use a combination of land and labour and try to minimise costs. If the…

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A: Marginal cost is defined as the additional cost incurred on additional unit of purchase. Here 1000…

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A: The main input for the production of flour is wheat.

Q: Which of the following represents a transfer payment? O The government sends your grandmother her…

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Q: Problem # 52: Ceteris paribus, briefly illustrate the effect of the decline in labor supply on the…

A: As we know Factors of production's demand and supply are determined by the price of the inputs or…

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Q: What mix of inputs should be used to produce a given level of output?

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Q: Using the following information to answer the below question Suppose David incurs the following…

A: Answer - Need to find- Economic cost  Given in the question - Cost of Labor = $10,000 Cost of Rental…

Q: What is the best example of a marginal change? After graduating from university, Neville's income…

A: The marginal change would result in the change of one variable when another variable changes by a…

Q: What is the effect of a decrease in population (perhaps caused by the plague) on the market for…

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A: While calculating economic profit opportunity cost and explicit costs are deducted from Revenue.

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A: The equilibrium wage rate in the market is determined by the demand and supply of labor.

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Q: Discuss Ricardo’ theory of rent

A: Rent is that payment that is made to the landlord for use of its land. Different theories of rent…

Q: Briefly explain whether landlord play a key role in keeping the price of properties and land high

A: Landlord is a person who owns a house and offer it as rental apartments to the people who are…

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A: Factors of production are one of the requirements that would lead to the good or service, in the…

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Q: Give two factors that lead to the price of energy from new technologies to increase.

A: Introduction Energy, fossil fuels, oil, and sustainable energy markets are complex and continuously…

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A: The economic rent is the additional earning  through the ownership or control over the resource such…

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A: At equilibrium, marginal product ratios of two inputs= inputs returns ratio. In case of 2 factor…