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Marginal cost (MC) QUESTION 1 If you have the following table that shows the costs of certain firm Fixed cost Quantity Variable costs Total cost (Q) (FC) (VC) (TC) 0 10 1 5 8 3 22 27 5 23 5 2 4 4 6 1. Based on the above table, does the firm operate in short run or long run?WHY? 2. Based on the above table, what is the value of fixed costs if the firm produces 3 units? 3. Based on the above table, what is the value of marginal costs at 4 units? 4. Based on the above table, what is the value of Average Total Costs (AC) at 5 units? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac), BI VS Paragraph Arial 14px P