(Answered) A explain what is meant by the terms transfer earnings and

Economics

a) Explain what is meant by the terms transfer earnings and economic rent of a factor of production.

b) Using well labelled diagrams, illustrate cases when the total factor payments may equal to economic rent, or transfer earnings or shared between the two.

c) i) Briefly explain and illustrate quasi-rent.

ii) Discuss some of the economic implications of a rising trend in the rural-urban migration and offer policy recommendations to reverse it.

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Macroeconomics, Economics

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