15:01 0.0mm 8 do all ""hll .32.; E Chegg v Time remaining: 01:57 :01 Economi..- In his spare time, Mr. Williams makes chain mail using metal rings he buys from a hardware store, and a pair of pliers. He sells the final product at local crafts fairs. Being interviewed once by a local newspaper, he said literally the following: "The materials cost me $30, and the rest is just my labor, which is free. One vest sells for about $150, which gives me net profit of $120 for three nights of work." a. Is he talking about economic profit or accounting profit? Explain the difference between the two. b. Discuss Mr. William's statement from economic perspective (taking the opportunity cost into account). c. If Mr. William talks his friend into joining him in his hobby and buys another set of tools, would you consider it the short run or the long run decision? Explain the difference between the two. Your answer QII2 0 _