Let's say that in your spare time you make chain mail using metal rings you buy from a hardware store, a C-clamp, and a pair of pliers. The materials cost you $50. You sell the final product at local crafts fairs and at bikers' annual convention. One vest sells for about $150.

1. Is buying all the tools the short-run or the long-run decision?
2. What is your accounting/ economic profit?
3. Discuss from an economic perspective (taking the opportunity cost into account), under what circumstances this hobby can be profitable / not profitable.
4. Would you turn this hobby into a business?