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QUASI-RENT: The payment that is received by a resource of production activity over the opportunity cost in the short run. The notion of quasi-rent is similar to economic rent, or economic profit, which is payment or revenue received over opportunity cost. The key difference is that quasi-rent is a short-run phenomenon. While quasi-rent is "extra" payment received in the short run, such payment might be essential to keep the resource or production activity in the long run. An example is the quasi-rent received due to the patent on a technological innovation. In the short run, the revenue received can be considered as profit in excess of the opportunity cost of production. However, in the long run this extra revenue motivates innovators to develop new technology. Without quasi-rent the innovations would not occur.

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Lesson 13: The Firm | Unit 2: Objectives Page: 7 of 24

Topic: Staying Alive <=PAGE BACK | PAGE NEXT=>

  • The primary goal of a human consumer is thus to maximize utility.

  • Utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services.
  • The primary goal of a business is really no different, in principle, than that of any consumer. The working presumption for business firms is that they seek to maximize profit.

  • Profit maximization is the process of obtaining the highest possible level of profit through the production and sale of goods and services.

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DISPOSABLE INCOME

The total income that can be used by the household sector for either consumption expenditures or saving during a given period of time, usually one year. Disposable income (DI) is one of three measures of income reported in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are national income (NI) and personal income (PI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP).

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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for poorly written technical manuals.
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A half gallon milk jug holds about $50 in pennies.
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