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Economics at Zero Marginal Cost is an educational website dedicated to making economics, econometrics, mathematics, and statistics easier to understand.
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Ricardian Theory of Rent – David Ricardo (1817)

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Ricardian Theory of Rent – David Ricardo (1817) Introduction The Ricardian Theory of Rent was developed by David Ricardo in Principles of Political Economy and Taxation (1817). Ricardo argued that nature endowed land with “original and indestructible powers.” These inherent qualities make agricultural production yield more than the total payments to other factors of production. After compensating labor, capital, and other inputs, a surplus remains , which is claimed by the landowner as rent . Ricardo introduced two mechanisms— intensive cultivation and extensive cultivation —to explain how rent emerges from differences in land productivity. Intensive Cultivation Intensive cultivation involves raising productivity on the same plot of land by using better techniques, more labor, or additional capital. With such improvements, output rises without expanding into less fertile land. A farmer continues to employ additional labor as long as the marginal revenue product of labor (MRPL) exceeds ...
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Mathematical Methods for Economics I

Mathematical Methods for Economics I Unit – I Basic Concepts : Sets and set operations; Relations and Functions; Types of Functions: quadratic, polynomial, power, exponential, logarithmic, convex, quasi-convex and concave functions; Graphs of functions of one real variable; Equations; Identities; Equilibrium condition; System of Simultaneous Linear Equations; The Straight line and its slope. Set Theory – Concepts and Definitions Number of Elements in a Set Numerical Problems I: Number of Elements in a Set (Two Sets) Numerical Problems II: Number of Elements in a Set (Three Sets) Relations and Functions Types of Functions Finding the Domain and Range of a Function Graphs of functions of one real variable Equations and Identities Equilibrium Conditions - Concept and Numerical Problems Numerical Problems: Equilibrium condition System of Simultaneous Linear Equations - Concept and Numerical Problems Systems of Simultaneous Linear Equations: Numerical Problems The Straight line and its slop...
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Set Theory – Concepts and Definitions

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What is a Set? A set is a group or collection of well-defined and distinct objects. These objects are called the elements or members of the set. Set theory was developed by Georg Cantor, a German mathematician. • A set is usually named using capital letters: A, B, C… • Elements are written in lowercase letters inside curly brackets: {a, b, c} If x is in set A, we write: x ∈ A If y is not in set A, we write: y ∉ A Example: Let A = {a, e, i, o, u} → the set of vowels in English. Ways to Represent a Set 1. Roster (Tabular or Listing) Method: This is a method of describing a set by listing each element of the set inside the symbol { }. In  listing the elements of the set, each distinct elements is listed once and the order of the elements does not matter. Example: Colors of a rainbow: A = {red, orange, yellow, green, blue, indigo, violet} 2. Set-Builder (Rule) Method: It is a method that lists the rules that determine whether an object is an element of the set rather than the actual el...
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