The Deering Manufacturing Company’s short- run average cost function in 2012 was AC = 3 + 4Q Where AC is the firm’s average cost (in dollars per pound of the product), and Q is its output rate. a) Obtain an equation for the firm’s short- run total cost function. b) Does the firm have any fixed costs? Explain. c) If the price of the Deering Manufacturing Company’s product (per pound) is $3, is the firm making profit or loss? Explain. d) Derive an equation for the firm’s marginal cost function.