Laura’s cleaning service is a profit-maximising, competitive firm. Laura cleans a whole house for $156. Her total cost each day is $1680, of which $480 is a fixed cost. She cleans 8 houses a day. (a)Should Laura shutdown her business in the short-run, assuming that she cannot recover her fixed cost? (b) Should she exit in the long-run?

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.