Ucl econ 100 passed - Study guides, Revision notes & Summaries

economic rent A payment or other benefit received above and beyond what the individual would have received in his or her next best alternative (or reservation option) isocost line A line that represents all combinations that cost a given total amount cost of production equation c = (wL) + (pR) isocost line slope - (w/p) Diagram: Production Function-diminishing average product of labour Malthus argument as diagram Malthusian problem His model does not take account of the possibility a...

economic rent A payment or other benefit received above and beyond what the individual would have received in his or her next best alternative (or reservation option) isocost line A line that represents all combinations that cost a given total amount cost of production equation c = (wL) + (pR) isocost line slope - (w/p) Diagram: Production Function-diminishing average product of labour Malthus argument as diagram Malthusian problem His model does not take account of the possibility a...

economic rent A payment or other benefit received above and beyond what the individual would have received in his or her next best alternative (or reservation option) isocost line A line that represents all combinations that cost a given total amount cost of production equation c = (wL) + (pR) isocost line slope - (w/p) Diagram: Production Function-diminishing average product of labour Malthus argument as diagram Malthusian problem His model does not take account of the possibility a...

economic rent A payment or other benefit received above and beyond what the individual would have received in his or her next best alternative (or reservation option) isocost line A line that represents all combinations that cost a given total amount cost of production equation c = (wL) + (pR) isocost line slope - (w/p) Diagram: Production Function-diminishing average product of labour Malthus argument as diagram Malthusian problem His model does not take account of the possibility a...