Definitions [2]
Define ‘Rent’.
Rent is that part of the payment made by a tenant to his landlords for the use of land only.
What is profit?
Profits are defined as the difference between the revenue that the firm earns from selling its output and the cost of producing that output, i.e.,
π = TR − TC
where, Greek letter π (pi) shows total profits,
TR denotes total revenue.
TC indicates total costs.
