Nick's salary is pure economic rent. What does this statement imply about Nick's next best alternative salary?

Q: Answer the question in the attachment.

A: Opportunity-cost is the cost(C) of next-best-alternative forgone. Economic-rent is the money…

Q: Who gave the modern theory of rent in economics

A: Answer in step 2.

Q: If economic rent in a particular resource market is zero, then we know that the market a. demand…

A: Economic rent It is the extra money or payment made over and above the expected amount by owner of…

Q: How does the economist’s use of the term “rent” differ from everyday usage? Explain: “Though rent…

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A: (Q) Explain the difference between intrinsic and extrinsic rewards. Discuss how they relate to a job…

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A: In economics, inflation is defined as an increase in the overall price of goods and services in a…

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A: Nominal wage, or money wage, is the literal amount of money you get paid per hour or by salary. here…

Q: Total Factor productivity is measured by yield. Select one: O True O False

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 'Rent is a creation of value, not of wealth". Who made this observation?

A: To find: Who made this observation.

Q: A full-time job usually requires less than 40 hours of work per week. True or false

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A: Unemployment is the situation where an individual in the working-age population, who is actively…

Q: on-the-job experience typically enhances a person's productivity in that partical job. if the…

A: Opportunity cost or economic rent is the cost of next best alternative given up, while making…

Q: Define the term fixed asset?

A: An asset can be defined as a resource with economic value that purchased by an individual,…

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…

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A: Let's say her current income is $100 out of which she spends $X on housing and $Y on food. Remaining…

Q: Suppose Julie's salary went from $45,000 to 13. $175,000 in 12 years. a. Assuming she got the same…

A: Given, PV = $45000  FV = $175,000  n =12Inflation rate=3%

Q: If I lend my father $500 at a Nominal interest rate of 2%, and the inflation rate is 7%, the Real…

A: In a market, an Inflation rate has a significant impact on the real money held by individuals as the…

Q: nese are kinds of rent EXCEPT o Differential rent

A: To find : Kind of rent except which.

Q: Discuss Ricardo’ theory of rent

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A: Given Information: Li's wife has been diagnosed with an illness, due to which he will have to stay…

Q: What is the U.S 6 month interest rate?

A: In the mentioned question we have been asked about the 6-month interest rate of the U.S.

Q: Instructions: Enter your answer as a whole number. b. Using your graph, after the change in supply,…

A: The economic rent , also called producer surplus, signifies the ability of a production factor to…

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A: The skills are getting lesser and seller due to advancement of robotics.once a robot is trained,ot…

Q: Which of the following inputs do you think include relatively large economic rents in their…

A: Various economic inputs have their need in the economy as per their demand and supply, price of…

Q: Economists Conclude that a tax on the revenues of firms will be shifted in part to consumers of the…

A: Tax is the source of income of government and it has the impact on economy because higher tax can…

Q: what is the relationship between wages and robbery?

A: Concept: Wages: In economics, wages refers to the price paid to the labor for the services rendered…

Q: ost of production on a piece of land less the cost of production on marginal land is called   a.…

A: Rent is the payment which is being made to the landlord for the use of land.Ricardo was of the view…

Q: State whether the following is true or false Pure economic rent occurs when the opportunity cost of…

A: According to the given question Simple words we can actually say that economic rent is a rent in…

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A: Amazon  is an e-commerce, cloud computing, digital streaming, and artificial intelligence-focused .A…

Q: Question 1 of 5 When gathering information about certain occupations, be sure to understand how you…

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A: Given, Average sales per year= $100,000 Average operating cost per year= $70,000

Q: How does the economist’s use of the term “rent” differ from everyday usage? Explain: “Though rent…

A: Economic Rent: Any installment to a proprietor or factor of creation in an overabundance of the…

Q: what do you understand by equi marginal principal? explain

A: Equi marginal principal has been explained as follows

Q: What Is Fixed-Price Contracts?

A: A contract is a valid and enforceable agreement between two or more parties involving in a trade of…

Q: Emily regularly works from 8:00 am to 5:00 pm. Because of an emergency in the workplace, she worked…

A: Given:  Working hours of Emily - 8:00 AM to 5:00 PM = 9 hours In case of an emergency on christmas…