In 2003, Fossil released product called the \"Wrist PDA' to market. This was an early generation smartwatch that ran the Palnl OS and contained 8 MB of RAM and 4 LB of ash memory. The watch also came with a stylus to help use the tiny monochrome display, which had a resolution of 160K160 pixels. Fossil registered patents on certain aspects of the technology and design of the product, but they could not prevent other companies from developing similar products to compete in the smartwatch market. a. What type of competition do you expect Fossil to face in this industry? (using the specic types of competition we have discussed in class) b. Assume that the demand for the Wrist PDA is represented by the demand curve: P=1200-0.45q and the product's marginal costs and total costs are represented by the respective functions: MC=25+5q and TC=25q+2.5q1. At what price should Fossil sell the Wrist PDA? How many watches should they produce? What would be the rm's total prots in the short run? c. lustrate this in a graph, clearly Identifying p$, q\