Question 1 A newly formed dance group Mega Max has released asingle Economexy. A

Question 1 A newly formed dance group Mega Max has released asingle Economexy. Assume that the download price for their newsingle is $1.20 and the number of downloads per day world-wide is5000. What will happen to the market for this single if thefollowing four events occur: (i) The population of dance music fansdecreases AND the productivity in the music production increases.(ii) Dance fans switch away from dance music to R&B music ANDthe price of MP3 players increases.