ECO 550 Week 5 Chapter QuestionsClick this link to get the tutorial:http://homeworkfox.com/tutorials/economics/4274/eco-550-week-5-chapter-questions/Week 5 Chapter 8 Question 22. Like supermarkets, full-service department stores like Macy’s are generally in decline. Whatfactors might these types of stores have in common behind their declines? How would youdetermine which were important and which were not?Week 5 Chapter 8 Question 16For Figure 8-9, demand with zero transaction costs is and supply to 7 + 2p. a.Verify all ofthe prices and quantities calculated in the discussion b. Now assume that intermediariescome from a competitive market with an equilibrium price of $8 per unit for their services,that is, any buyer or seller who wants an intermediary’s services must pay $8 for them.What is the maximum per unit that sellers are willing to pay intermediaries if hiring themsaves buyers $8 in transaction costs? c. Does your answer to Question 16a change if buyerspay $8 per unit to the intermediary but sellers offer to rebate part of that expense tobuyers?