Refer to the table. Assume that fixed costs are $5,000, and variable costs are $250 per...
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Refer to the table. Assume that fixed costs are $5,000, and variable costs are $250 per worker. For this firm, what are the shapes of the production function and the total-cost curve? AO Both the production function and total-cost curve are increasing at an increasing rate. The production function is increasing at an increasing rate, whereas the total-cost function is во increasing at a decreasing rate. The production function is increasing at a decreasing rate, whereas the total-cost function is CO increasing at an increasing rate. DO Both the production function and total-cost curve are increasing at a decreasing rate. Number of Workers Output 150 275 375 450 500 O -2 3 45 Refer to the table. Assume that fixed costs are $5,000, and variable costs are $250 per worker. For this firm, what are the shapes of the production function and the total-cost curve? AO Both the production function and total-cost curve are increasing at an increasing rate. The production function is increasing at an increasing rate, whereas the total-cost function is во increasing at a decreasing rate. The production function is increasing at a decreasing rate, whereas the total-cost function is CO increasing at an increasing rate. DO Both the production function and total-cost curve are increasing at a decreasing rate. Number of Workers Output 150 275 375 450 500 O -2 3 45
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