Question

Supermodel Linda Evangelista has been quoted as saying. "l] don't wake up for less than $20,000 a day." If Ms. Evangelista is paid $25,000 for her next daylong photo shoot, then 1) she is being paid $25,000 to cover her opportunity cost.2) the entire $25,000 would be considered economic rent to labor.3) she is receiving economic rent to labor equal to $5,000.4) the first $15,000 she receives is economic rent to labor and the next $5,000 is more economic rent.

Answer 1

Answer:

she is receiving economic rent to labor equal to $5,000

Explanation:

See attached file