The Blue Note Jazz Festival is a music festival in Napa, California. Contemporary music acts, as well as musicians with a long recording and touring history play the festival. As a result of the attendance of high-profile musicians, people from all over California come to see the show. Some Napa residents also attend the show. Assume the price for a ticket is $350. Part 1 (): (a) Using the two characteristics that define a good discussed in this unit, what type of good is a Blue Note Jazz Festival ticket? In your explanation, be sure to use the characteristics to explain the type of good. (b) Assume the tickets were free. Using the characteristics that define a good discussed in this unit, what type of good is a Blue Note Jazz Festival ticket if they are free? In your explanation, be sure to use the characteristics to explain the type of good. Part 2 (): Assume that the musicians playing at Blue Note Jazz Festival have the legal right to play music as loud as they want, for as long as they want. Suppose playing music after 10:00pm gives the musicians and concertgoers a total benefit of $40,000. The Napa residents who want the music to stop incur a cost of $50,000. Using the Coase theorem, describe a potential private outcome that could be negotiated between the Blue Note Jazz Festival musicians/concertgoers and the Napa residents. Be sure to indicate and explain which group would pay and which group would receive compensation