Illustrate what is the short run total cost of producing

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Reference no: EM1361452

Shrimp can be produced according to the following production function: Q = min (10B, 2L)

Where 'B' represents the number of shrimp boats, 'L' represents the number of shrimpers (workers), and Q, the number of shrimp that are produced per day.

Currently, boats rent for $500 per day and workers cost $100 per day.

Suppose your company decided purchase 12 shrimp boats (Jenny 1 - Jenny 12). These boats are a fixed resource for the firm. What is the short run total cost of producing 60 tons of shrimp?

Reference no: EM1361452

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