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Suppose a monopolistic firm has the following demand curve Q= 78 - 3P and the following cost function C(Q) = 18 + 6Q +.5Q^2 (already

Suppose a monopolistic firm has the following demand curve Q= 78 - 3P and the following cost function C(Q) = 18 + 6Q +.5Q^2 (already solved)

Q= 12 P=22

Question: Now suppose enough firms entered to create perfect competition so supply function is now P=2+Q. What are the new equilibrium price and quantity

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