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Assume Manfred's Shoe Shine Parlor Hires Labor, Its Only Variable

Question 192

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Assume Manfred's Shoe Shine Parlor hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. Assume Manfred's Shoe Shine Parlor hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. If the wage rate is $11 and Manfred's only fixed input is capital, the total cost of which is $40, then what will be his economic profit? A) 102 B) 56 C) 62 D) 47 If the wage rate is $11 and Manfred's only fixed input is capital, the total cost of which is $40, then what will be his economic profit?


A) 102
B) 56
C) 62
D) 47

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