Hi please help with this question, I need a detailed explanation/calculation/diagram, thanks:

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 financial situation:

Total revenue: $1000 per week

Fixed costs: $800 per week

Variable costs: $700 per week.

Considering these figures, answer the questions below.

Question a). Will you keep operating the business in the short run? Explain your answer, illustrating it with a diagram. [4 Marks]

Question b). What will you do in the long run? Explain your answer, illustrating it with a diagram. [2 Marks]