Table $13-5$

Refer to Table $13-5.$ Assume that fixed costs are $\backslash (\backslash$$ $500\backslash ),$ and variable costs are $\backslash (\backslash$$ $100\backslash )$ per worker. For this firm, what are the shapes of the production function and the total$-$cost curve?

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 increasing at a decreasing rate.

The production function is increasing at a decreasing rate, whereas the total$-$cost function is increasing at an increasing rate.

Both the production function and total$-$cost curve are increasing at a decreasing rate.