How much of his pay is economic rent

Reference no: EM13203386

Whenever John is singing, the sales revenue from concert tickets is $100,000 higher than if a regular singer is singing. If he doesn't become a singer, he can get a job that pays $50,000 at most. How much will he be paid in equilibrium? How much of his pay is economic rent? How much economic profit will his band make?

Reference no: EM13203386

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