Answer :
Final answer:
In the short run, the Average Product (AP) is represented by the equation AP = Q/L, where Q is the total output and L is the quantity of labor, effectively measuring the output per unit of labor. Therefore option (b) AP = Q/L is the correct answer
Explanation:
The question you're asking relates to the concepts of Total Product (TP), Marginal Product (MP), and Average Product (AP) in the context of short-run production functions within economics. To clarify, Total Product can indeed exceed Marginal Product in certain scenarios, especially as the law of diminishing marginal returns takes effect. Regarding the multiple-choice question, the correct representation of Average Product (AP) in the short run is given by the equation AP = Q/L, where Q is the total output produced and L is the quantity of labor employed. This equation essentially calculates the output produced per unit of labor, illustrating how efficiently the labor is being utilized to generate output in the short-run production function.
