Part a. What is likely to happen if the Bookkeeping Profit is greater than the Opportunity Cost? Part b. What is likely to happen if the Bookkeeping Profit is equal to the Opportunity Cost? Part c. What is likely to happen if the Bookkeeping Profit is more than zero but less than the Opportunity Cost?

Question 3: (6_points out of30) In this segment of the course, we have seen that: If the Bookkeeping Prot* Equals the Opportunity Cost, there is a Normal Prot - If the Bookkeeping Prot* is Greater than the Opportunity Cost, there is an Economic Prot ("Big Fat Profit"). *\"Bookkeeping Prot\" is calculated using only Explicit Fixed Costs, and does not include Implicit Fixed Costs, i.e. the Opportunity Cost. Please answer these questions with full and clear explanations. You may wish to (but don't have to) illustrate your answers with simple numerical examples. This question has 3 parts. Part a. What is likely to happen if the Bookkeeping Prot is greater than the Opportunity Cost? Type your answer and explanation here: Part b. What is likely to happen if the Bookkeeping Prot is equal to the Opportunity Cost? Type your answer and explanation here Part c. What is likely to happen if the Bookkeeping Prot is more than zero but less than the Opportunity Cost? Type your answer and explanation here