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.
tutorsglobe.com palmately compound leaf assignment help-homework help by online simple and compound leaves tutors
The major aim of the income statement – or profit and loss account, because it is occasionally called – is to measure and report how much profit (wealth) the business has produced over a period.
an adder or summer is a digital circuit which carry out addition of numbers in electronics. in new computers adders exist in the arithmetic logic unit (alu) in which other operations are carried out.
Theory and lecture notes of Income Expenditure Framework all along with the key concepts of Income-expenditure framework, nsumption and the Multiplier, Business Cycles, Income and Expenditure. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Income-expenditure framework.
tutorsglobe.com structure of a virus assignment help-homework help by online viruses tutors
www.tutorsglobe.com offers organometallic reagents homework help, organometallic reagents assignment help, online tutoring assistance, organic chemistry solutions by online qualified tutor's help.
www.tutorsglobe.com offers computer programming homework help, computer programming assignment help, computer programming projects help and solutions, by online programming tutors.
Particle in Three-Dimensional Box tutorial all along with the key concepts of Definition of Particle in a Three-Dimensional Box, Zero point energy
tutorsglobe.com somatic embryogenesis assignment help-homework help by online micropropagation tutors
defects occur antenna stage and tuner, video if stage, AGC Stage, Video Amplifier, picture tube circuit, horizontal sweep section, vertical sweep section, magnets used in yoke section, sync. Separator stage, differentiator circuit, integrator circuit, power supply, sound section.
tutorsglobe.com functions of plasma membrane assignment help-homework help by online cell membrane tutors
Theory and lecture notes of Testing of Proportions all along with the key concepts of Testing of proportions, homework help, assignment help and hypothesis testing tutors. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Testing of Proportions.
The radar antenna or dish sends pulses of radio waves or microwaves that bounce off any object in their path.
www.tutorsglobe.com offers chemistry assignment help, k-12 chemistry help, college homework help, chemistry homework help, chemistry online tutoring, live homework assistance in chemistry problems and chemistry projects help by online tutors.
Personal communication service (PCS) is the name for the 1900MHz radio band that is employed for digital mobile phone services in Canada, Mexico and the United states.
1935208
Questions Asked
3689
Tutors
1482809
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!