AP Microeconomics Quiz
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PRODUCTION, COST, AND PERFECT COMPETITION MODEL
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A small app-testing firm completes tested modules per day using labor (testers) as the variable input; computer lab capacity is fixed. Based on the production data shown in the table, over which range of labor does the firm experience diminishing marginal returns? <table> <tr><th>Labor (L)</th><th>Total Product (TP), modules/day</th></tr> <tr><td>0</td><td>0</td></tr> <tr><td>1</td><td>4</td></tr> <tr><td>2</td><td>9</td></tr> <tr><td>3</td><td>15</td></tr> <tr><td>4</td><td>20</td></tr> <tr><td>5</td><td>24</td></tr> <tr><td>6</td><td>27</td></tr> </table> Figure accompanying this question
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