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.

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?