Assume that you have taken 12 months' leave without pay from your full time job as a dressmaker and set up a business ironing and repairing clothes. You have taken out a 12-month lease on a small shopfront in a suburban shopping centre. You have bought all the equipment you need for your business and arranged the fit-out of your premises to accommodate your work requirements. You have paid for these set-up costs out of your previous savings. You will not be able to buy any more equipment during the next 12 months. For the year, your total explicit costs are $25 500. and your implicit costs are $45 000. Question 2.1. Give some examples of your explicit and implicit costs. [2 Marks] Question 2.2. Distinguish between your short-run and longrun period. [2 Marks] Question 2.3. In your short-run period, how would the law of diminishing returns be likely to apply in your case if the business was doing well? [2 Marks] Question 2.4. If your total revenue is $80 000, what is your economic prot? [1 Mark] Question 2.5. If you were breaking even, would you stay in business or go back to your old job? [1 Mark]