-Refer to the above figure. Suppose demand is 
and then increases to 
. The change in economic rent is
Definitions:
Flexible Budget
A budget which is modifiable in response to changes in the volume of operations or activity levels.
Variable Cost Estimates
Predictions or calculations regarding the variable costs that will be incurred during a specific period.
Net Operating Income
A company's revenue minus its operating expenses, excluding taxes and interest, representing the profitability of its core business activities.
Tenant-Days
A metric used in real estate and hospitality to represent the total number of days that tenants or guests occupy a space in a given period.
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