Distinguish between: ( i ) Economic profit and Accounting profit; ( ii ) Sunk Cost and Fixed cost. (
( i ) Economic gain and Accounting gain;
( ii ) Sunk Consume and Fixed consume.
( b ) What do you know by linearly congruous formation exercise? Give pattern of such expression of formation exercise.
( c ) What is an ‘Expansion Path’? Show long-run and short-run expatiation pathway.