Modern Theory of Rent:
In modern theory of rent, the word rent refers to “payments made for factors of production that are in imperfectly elastic supply”.
By this definition, rent is exerted to other factors such as labor and capital. In another words, rent does not exert to land alone. Just as land varies in fertility, men vary in their ability. For illustration, a surgeon with a rare skill might earn a lot of income. There is an element of rent in it. In fact, we have a theory of profits termed as “Rent theory of profits”.
Marshall has mentioned the concept of “Quasi-rent” with regard to machines and other man-made appliances. Therefore the modern view is that rent can be exerted to all factors of production. If, the supply of a factor is inelastic in relation to the demand for it, rent takes place.
To elucidate rent, modern economists also make utilizations of the word transfer earnings. Transfer earnings refer to the quantity that a factor could earn in its finest paid alternative employment. It symbolizes the opportunity cost of its current employment. Any payment in surplus of this amount is an excess above what is essential to retain the factor in its best-paid employment and thus is rent. Therefore, any payment in surplus of transfer earnings is economic rent. When a popular actor who is normally paid, say $ 2 crores, gets an offer to act in a another film for $ 3 three crores, his transfer earnings are $ 2 crores. $ 1crore might be considered as economic rent for acting in another film. Hence the main point regarding the modern theory of rent is that rent is not weird to land alone. The rent feature can be seen in other factor incomes also.
Latest technology based Economics Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Marginal Productivity help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Marginal Productivity, project ideas and tutorials. We provide email based Marginal Productivity help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Marginal Productivity. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of Economics assignments, which may help you to solve your complex issues of Marginal Productivity. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
Factors Affecting Strengths of Acids-Bases tutorial all along with the key concepts of Inductive effect, acidity of ethanoic acid, substitution X electron withdrawing, substituent X electron donating
theory and lecture notes of varieties of finite state machines all along with the key concepts of varieties of finite state machines, finite state machines, deterministic finite automaton, non-deterministic finite automaton. tutorsglobe offers homework help, assignment help and tutor’s assistance on varieties of finite state machines.
Transformation of alcohols and arenes tutorial all along with the key concepts of Oxidation of primary alcohols, Oxidation of secondary alcohols, Oxidation of tertiary alcohols and Transformation of arenes
www.tutorsglobe.com offers Master Budget homework help, assignment help, case study, writing homework help, online tutoring assistance by accounting tutors.
While examining the financial statements of a business, a number of checks might be performed on the financial statements to assist gain a feel for their reliability.
Synthesis of Quinolines tutorial all along with the key concepts of Skraup Synthesis of Quinoline, Dobner-von Miller Synthesis, Conrad-Limpach Synthesis, Friedlaender Synthesis and Pfitzinger Synthesis
www.tutorsglobe.com offers Advantages and Disadvantages of Prototyping homework help, assignment help, case study, writing homework help, online tutoring assistance by computer science tutors.
www.tutorsglobe.com offers free trade and protection, restrictions on international trade assignment help-homework help, free economics tutorial by qualified tutor's help.
tutorsglobe.com reserve money assignment help-homework help by online money tutors
identification of the fault in a given tv receiver - the tv receiver is switched on firstly. picture on the screen is usual but no sound. switch off the receiver and verify. the fault is within sound section.
Industrial Chemical Processes I tutorial all along with the key concepts of Definition of chemical industry, Basic chemicals, Speciality chemicals, Consumer chemicals, Where are chemical sites located, Chemical industry: how environmentally safe, challenges for the chemical industry
Description: Learning theory and Concepts of Externalities – managerial economics, key concepts of Critical mass, positive externality, negative externality, free rider, network externality, Answering questions to Externalities, homework help, assignment help by tutors.
Arithmetic operators-assignment help, homework help and the key concepts of Arithmetic operators, ASCII character, Increment and Decrement Operators
Theory and lecture notes of Nested two phase commit protocol all along with the key concepts of nested two phase commit protocol, algorithm for commit protocol. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Nested two phase commit protocol.
Theory and lecture notes of Chi-square test for independence all along with the key concepts of chi-square test for independence, homework help, assignment help. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Chi-square test for independence.
1961714
Questions Asked
3689
Tutors
1460464
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!