Suppose two firms (Firm 1 and Firm 2) are producing a product. The total demand is: Q = 110 -10P, where Q =Q₁+Q_2.Each of the two firms has the cost function TC = 5Q. Based on the information given, calculate the equilibrium P, Q,Q₁,Q_2,Profit₁andProfit₂under monopoly (collusion), Cournot, and Stackelberg. For the Stackelberg model, assume that Firm 1 is the leader and Firm 2 is the follower. Show all your workings to gain full marks.