1market demand for a certain commodity is qd 12 - p and, Microeconomics

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1market demand for a certain commodity is qd 12 - p and

1. Market demand for a certain commodity is QD = 12 - P, and the short-run total cost function for the firm is SRTC (Q) = Q2 + 1.

a. If the firm behaves as a perfect competitive firm, determine the equilibrium price and quantity.
b. If instead the firm behaved as a monopoly, what are the equilibrium price and quantity?
c. How much money would it require for the firm to forgo the monopoly profits and behave instead as a perfectly competitive firm?

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