2. The market for smart watches is an oligopoly that is dominated by the Fitbit company. Fitbit estimates the following demand and cost equations: Market demand for smart watches: P = 100 - 1.25 Q Fitbit's total cost curve: TC = 500 + 10 Q + 0.25 Q2 Each follower firm's total cost curve: TC = 10+ 15 Q + 11.25 Q2 In all these equations, Q represents thousands of smart watches. Fitbit also estimates that there are 20 follower firms, in addition to Fitbit, in this marker. a. Based on the information given, write out Fitbit's residual demand curve equation. b. Based on the information given in the question and your answer to part (a), determine Fitbit's profit- maximizing quantity and price. c. Based on the information given in the question and your answers to parts (a) and (b), determine the profit- maximizing quantity and price for the follower firms. d. Based on your answers above, determine whether the market for smart watches is at an equilibrium