If Ms. Evangelista is paid $15,000 for her next photo shoot, then she is receiving economic rent to labor equal to $5,000.
Economic rent refers to the income or the amount that is earned by the owner of a factor of production over and above his expectations.
Economic rent is any amount of money that is earned by the owner, which exceeds that is economically or socially necessary. It is also referred to as unearned income.
For example:- A worker is expecting $10 per hour for his work, but he gets $15 per per hour, then the $5 is the economic rent for the labor.
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