In this paper, we derive an optimal ADC bit-allocation (BA) condition for a Single-User (SU) Millimeter wave (mmWave) Massive Multiple-Input Multiple-Output (Ma-MIMO) receiver equipped with variable-resolution ADCs under power constraint with the following criteria: (i) Minimizing the Mean Squared Error (MSE) of the received, quantized and combined symbol vector and (ii) Maximizing the capacity of the SU mmWave Ma-MIMO channel encompassing hybrid precoder and combiner. Optimal BA under both criteria results the same. We jointly design the hybrid combiner based on the SVD of the channel. We demonstrate improvement of the proposed optimal BA over the BA based on Minimization of the Mean Square Quantization Error (MSQE). Using Monte-Carlo simulations, it is shown that the MSE and capacity performance of the proposed BA is very close to that of the Exhaustive Search (ES). The computational complexity of the proposed techniques are compared with ES and MQSE BA algorithms.