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DrLanWan
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ECON401
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Economics
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Question

On-the-job experience typically enhances a person’s productivity in that particular job. If the person’s salary increases to reflect increased experience but the additional experience has no relevance for other jobs, does this higher salary reflect an increase in opportunity cost or in economic rent?

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Solution Preview

The fact that additional experience has no relevance for other jobs makes the increased salary the reflection of increase in economic rent.

In this case the resource (additional experience) has no alternative use, which means the person with on the job experience can not earn the similar wage in its best alternative use. The on

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