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    Economic Rent

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    A major city just doubled the annual fee for hot dog push carts that had exclusive rights to a spot just south of a major museum of art to $288,000...why would anyone pay this much for a push cart license? Who is obtaining the economic rent for the lucrative push cart location? How much economic profit is the push cart owner most likely earning?

    © BrainMass Inc. brainmass.com June 1, 2020, 5:16 pm ad1c9bdddf
    https://brainmass.com/economics/economic-systems/economic-rent-133538

    Solution Preview

    People would pay this much for a push cart license because they are expecting a much higher economic profit ...

    Solution Summary

    The solution answers the question below in great detail.

    $2.19

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