(Total marks: 30 marks) Q2/ Assume the market for e-watch is perfectly competitive. (a) Show the market demand for and supply of e-watch in a relevant diagram, Indicate the consumer surplus and producer surplus in this market. (b) Suppose there is an improvement in technology that lowers the marginal cost of producing e-watches. How would the technological improvement affect the price, quantity transacted, consumer surplus and producer surplus in the market? Depict your answer in part(a) diagram. (c) Now, the e-watch market turns into a monopoly market, what are the effects on the price, quantity transacted as well as economic welfare in this market? Depict your answer in a relevant diagram