Assume that you have set up a small business in a perfectly competitive industry. Your short-run period is six months, based on the amount of time for which you are locked into a lease agreement for the premises. Consider your nancial situation: - Total revenue: $1000 per week - Fixed costs: $800 per week - Variable costs: $700 per week. Considering these gures, answer the questions below. Question 3.1. Will you keep operating the business in the short run? Explain your answer, illustrating it with a diagram. [4 Marks] Question 3.2. What will you do in the long run? Explain your answer, illustrating it with a diagram. [2 Marks]