InstructionsFirst, review this module’s resources along with all three of the HBR case studies required of the final project (Principal-Protected Equity-Linked Note, The Bombay Stock Exchange: Liquidity Enhancement Incentive Programmes, and Betting on Failure: Profiting From Defaults on Subprime Mortgage). In a two- to three-paragraph journal entry, address the following:Derivative Securities: Identify and briefly discuss the derivative securities used in each case.Ethical Issues: What potential ethical issues could these securities present for each case? Explain your reasoning.Analysis/Application: How will your analysis of these derivative securities and ethical issues help you in completing your final project?Reference the case studies and other course resources to support your responses. To complete this assignment, review the Module Six Journal Guidelines and Rubric document.

Increase in Fixed CostsSuppose a business experiences a sudden increase in its fixed costs. For example, suppose property taxes increase dramatically. What impact, if any, will this have on the following:the firm's AFC (average fixed cost);the firm’s AVC (average variable cost);the firm’s ATC (average total cost); and,the firm’s MC (marginal cost)?What changes, if any, is there likely to be in these same cost CURVES?