7. A Namibian firm incurs fixed cost of N$10,000 and operating on its isocost producing a...

 

 

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7. A Namibian firm incurs fixed cost of N$10,000 and operating on its isocost producing a tonne fish (f )and a tonne of beef (b) whose respective marginal cost function are given as MC, = 5b + 8f and MC 10bf+9b. Find the total cost function of the firm TC(f,b). What will be the total cost incurred by the firm if it produces 20 tonnes of fish and 25 tonnes of beef. 7. A Namibian firm incurs fixed cost of N$10,000 and operating on its isocost producing a tonne fish (f )and a tonne of beef (b) whose respective marginal cost function are given as MC, = 5b + 8f and MC 10bf+9b. Find the total cost function of the firm TC(f,b). What will be the total cost incurred by the firm if it produces 20 tonnes of fish and 25 tonnes of beef.