In this paper we set forth a basic analytical framework for the study of the owner-managed firm which is based on the assumption that customer time is an important determinant of the optimal delivery of services. Earlier research done in this area has, to a large extent, ignored the importance of customer time in the production process [2; 4; 9]; thus, the basic trade-off between the money price of the service and the opportunity cost of being serviced is ignored. More recently, recognition of the importance of the value of time required for the acquisition of a product has been forcefully posited in De Vany and Saving [7] and Saving [10]. The main objective of this paper is to investigate the optimal changes in the ownermanager's decision variables-consumption of a composite good, factor usage, the supply of services, and fees-in response to parametric changes in such factors as non-labor income, prices, the value of customers' time and the full-price of services. In the main, our comparative statics results yield the same implications as those obtained using standard neoclassical theory' provided the revenue function of the firm is concave, factors exhibit Hicks-Allen technical complementarity, and the waiting time function is quasi-convex. However, we also obtain some new and interesting results. For example, we find that increasing the value of customer's time reduces aggregate consumption of the ownermanager, generates a labor supply response consisting of a negative substitution effect and a positive income effect, and increases the use of other factors of production. We also find that, unlike the standard neoclassical model, even if the production function exhibits Hicks-Allen technical complementarity, the own-price effects of inputs are ambiguous. Finally, since in the full-price model owner-manager fees are endogenous, we obtain some new and interesting results concerning the response of optimal fees to parameter changes. Our analysis is based on the hypothesis that the customer's opportunity cost of receiving treatment is the value placed on the time spent waiting in line to be serviced and