1. Consider the market for electricity Private 2. Given that Pr =3-(1/100) *P Private 3. Given that fr = (1/100) *P 4. Draw the private PMC and PMB curve 5. Determine the market price and quantity Social Private 6. Given that so = (1/200) *P and Qocial = Qri 7. Draw the SMC and the SMB curve 8. Determine the socially optimum price and quantity 9. Without a private or public solution, how much electricity is produced? 10. Shade the DWL and the total external damage (cost) at the market outcome 11. Why is the total external damage greater than the DWL?