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This paper seeks to explain the variation in profit rates across activities in the manufacturing sector in 1980. This year was chosen because it comes at the end of a fairly long period of growth in real GDP, with stable prices and exchange rates, but precedes the recent recession which would have changed profit relationships. Section 1 examines the relationship between revenue and cost structure and profit generation. Section 2 develops a model of profit variation for Barbados. (To be presented at the 17th Regional Monetary Studies Conference at Nassau, Bahamas, November 27-29, 1985)