Refer to the given data. If the wage rate is $11 and Manfred's only fixed input is capital, the total cost of which is $30, then what will be his economic profit?
Answer the question on the basis of the following information for Manfred's Shoe Shine Parlor.
Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe
shines are also sold competitively.
A. $62.
B. $42.
C. $28.
D. $32.
D. $32.
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As the baby boomers in America grow old, how would the market for health-care workers be affected?
A. Supply increases and wages decrease. B. Supply decreases and wages increase. C. Demand decreases and wages decrease. D. Demand increases and wages increase.
The quantity of real GDP produced by one hour of labor is defined as
A) the advance in technology. B) economic growth. C) the growth rate of technology. D) real GDP per person. E) labor productivity.
"It doesn't hurt to get more information . . ." is good advice
a. especially when the opportunity cost of acquiring the information is high b. when information is less than perfect c. only if the marginal benefit of information is greater than the marginal cost of information d. only if the marginal benefit of information is equal to the marginal cost of information e. only if the marginal benefit of information is less than the marginal cost of information
On average, countries that have a larger degree of economic freedom tend to have
a. higher per capita income levels, but slower rates of economic growth, than countries with less economic freedom. b. lower per capita income levels, but more rapid rates of economic growth, than countries with less economic freedom. c. both higher per capita income levels and more rapid growth rates than countries with less economic freedom. d. both lower income levels and slower growth rates than countries with less economic freedom.