Answer the Question on the Basis of the Following Information

question 33

Multiple Choice

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. $\begin{array}{c}\begin{array}{c} \text {Units of}\\\underline{\text {Labor}}\\0\\1\\2\\3\\4\\5\\6\\7\end{array}\begin{array}{c}\text {Total}\\\underline{\text {Product}}\\0\\14\\\\30\\35\\39\\\\44\end{array}\begin{array}{c}\text {Marginal}\\\underline{\text {Product}}\\\\14\\10\\\\\\\\\\2\end{array}\begin{array}{c}\text {Total}\\\underline{\text {Revenue}}\\\\\$ 42 \\\\90\\\\117\\126\\132\end{array}\end{array}$
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?

• A) $62.
• B) $42.
• C) $28.
• D) $32.

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Definitions:

Karl Marx

A philosopher, economist, and revolutionary from the 19th century, famously recognized for his ideas on capitalism and communism.

Max Weber

A German sociologist, philosopher, and political economist whose works on the sociology of religion, government, and the economy had a profound influence on social theory.

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United Church of Canada

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