a.Carefully explain what is meant by explicit; implicit; andsunk costs. How are they used to calculate accounting profit andeconomic profit? [5 marks]
b. Explain the relationship between total product, marginalproduct, and average product. [3 marks]
c. Explain the difference between the short run and the longrun. [4 marks]
d. Why is the level of output at which marginal revenue equalsmarginal cost the profit maximizing output? [5 marks
