InstructionsEach student will submit their assignment by clicking the Submit Assignment button at the top of this page. This assignment is due by Sunday 11:55 PM ET.Review the PowerPoint on Memo Writing. Follow the Key Hole Structure. Research news for various articles to support positions in your memo. One article referencing StubHub is: http://www.ampthemag.com/the-real/ticket-brokers-granted-injunction-suing-yankees-revoked-season-tickets/ (Links to an external site.)Prepare, in memorandum format, your answer to:Who is better off by sites such as StubHub? Explain your reasons.Under what circumstances does the presence of a nearby minor league baseball team decrease the monopoly power of a major league team? How could it make the major league team more profitable.Document guidelines:Professional business style of language and structureSingle line spacingFont is either Times New Roman or Arial, 12 pt.No more than two (2) pagesCannot use first person or second person (i.e., I, we, you)Citations are requiredAligned ObjectivesUse concepts related to the supply and demand model to explain the economic behavior.PurposeTo development of communication skills required for effective and practical application of economic principles and brand management conceptsTo acquire of fundamental economic concepts (e.g., laws of supply and demand, externalities, monopoly, monopsony) as applied to the sports industry environment.