58 831
Assignments Done
Successfully Done
In March 2018
Your physics homework can be a real challenge, and the due date can be really close — feel free to use our assistance and get the desired result.
Be sure that math assignments completed by our experts will be error-free and done according to your instructions specified in the submitted order form.
Our experts will gladly share their knowledge and help you with programming homework. Keep up with the world’s newest programming trends.

Answer on Microeconomics Question for anusha

Question #33679
relation between economic rent & normal profit in the long run
Expert's answer
Economic profit is the difference between price and average total cost. It can happen in the short run. In the long run, due to market entry, new producers with lower costs will enter the market, force the price and economic profit to go down. In the long run, the economic profit is supposed to be zero.
Economic rent is the difference between price and average total cost due to the fact that the supply is constant because of rare raw material, government intervention, or quota etc. Such a limitation which has created economic rent which is not going away even in the long run.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!


No comments. Be first!

Leave a comment

Ask Your question