Consider the market for tax preparation software. (1) Suppose that the current equilibrium price is $110 per software.A technological advance take place is the software industry.Is this a change in supply or demand?Describe what would be true in the market if, after this development, the price remained at $110.Would this be an equilibrium price?Why or why not?What would eventually happen in the market for software? What would happen to the equilibrium price and quantity for software?Which quantity is affected and why? Illustrate using a graph.What should happen in the market for software if retailers cut the price of software (no graph needed here only and explanation)?(2) Now assume that the professional tax return prepares raises the price of the services they provide, what should happen to price and quantity of tax preparation software?Illustrate using a graph.In addition, suppose the government imposes a price floor in the market for tax preparation software, what would result (no graph needed here only an explanation. (3) Combine both events (1 and 2 changes) and explain what happens to equilibrium price and quantity.In your explanation, analyze each events separate and then combine them.Make sure you label your graphs correctly.Label each event.Hint: you should have three graphs.