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Supermodel Linda Evangelista has been quoted as saying. "U) dor't wake up for less than $10,000 a day" If Ms. Evangelista is paid $15,000 for her next daylong photo shoot, then she is being paid $15,000 to cover her opportunity cost. she is receiving economic rent to labor equal to $5,000. the first $10,000 she receives is economic rent to labor and the next $5,000 is more economic rent. the entire $15,000 would be considered economic rent to labor.

Supermodel Linda Evangelista has been quoted as saying. "U) dor't wake up for less than $10,000 a day" If Ms. Evangelista is paid $15,000 for her next daylong photo shoot, then she is being paid $15,000 to cover her opportunity cost. she is receiving economic rent to labor equal to $5,000. the first $10,000 she receives is economic rent to labor and the next $5,000 is more economic rent. the entire $15,000 would be considered economic rent to labor.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Supermodel Linda Evangelista has been quoted as saying. "U) dor't wake up for less than $10,000 a day" If Ms. Evangelista is paid $15,000 for her next daylong photo shoot, then she is being paid $15,000 to cover her opportunity cost. she is receiving economic rent to labor equal to $5,000. the first $10,000 she receives is economic rent to labor and the next $5,000 is more economic rent. the entire $15,000 would be considered economic rent to labor.
Transcribed Image Text:Supermodel Linda Evangelista has been quoted as saying. "U) dor't wake up for less than $10,000 a day" If Ms. Evangelista is paid $15,000 for her next daylong photo shoot, then she is being paid $15,000 to cover her opportunity cost. she is receiving economic rent to labor equal to $5,000. the first $10,000 she receives is economic rent to labor and the next $5,000 is more economic rent. the entire $15,000 would be considered economic rent to labor.
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