Replacement analysis considers decisions about whether or not to buy new and more efficient equipment or to continue using existing equipment. Consider this economic analysis approach and provide BRIEF answers to the following questions. Answers should be clear, focused, and above all informative. You may use bullet points to organize your responseLimit your response to one to three sentences or phrases . Please identify each question by number in your response. For example, for each question listed below, your response should start Question 1) or 1) to indicate which question you are answeringUsing this structure your responses to individual questions can be in any order (e.g. Question Question Question 1). Question 1) Consider a Defender - Challenger problem with a finite planning horizon where the Economic Service Life (ESL) of the defender is 2 years ( EC Defender =\$5,896) and the ESL for the challenger is 5 years AEC Challenger mger=\$5,896) . Briefly describe when the defender should be replaced, assuming that the marginal cost to keep the defender for one additional year past it's ESL $6,322. Question 2) Provide a brief overview of a replacement analysis decision by describing the analysis process and decision criteria. Assume that you are considering this decision using after-tax cash flows and a finite planning horizon (ignore any tax effects in your analysis) Question 3) Consider the idea of technological change specifically. Provide a brief definition of this concept and describes its role in replacement analysis and decision making.