Table 13-5
-Refer to Table 13-5. Assume that fixed costs are $500, and variable costs are $100 per worker. For this firm, what are the shapes of the production function and the total-cost curve?
A)Both the production function and total-cost curve are increasing at an increasing rate.
B)Both the production function and total-cost curve are increasing at a decreasing rate.
C)The production function is increasing at an increasing rate, whereas the total-cost function is increasing at a decreasing rate.
D)The production function is increasing at a decreasing rate, whereas the total-cost function is increasing at an increasing rate.