1. The Texas Legislature increased the price ceiling for wholesale electricity from $4,500 to $9,000 following the 2011 cold winter blackout failures. Ten years later, this policy effort did not fix the problem. Use supply and demand and elasticities to explain why. a. [8 points] Graph an electricity supply and demand market with "regular" elasticities. During the cold weather, increase demand. Likewise, because of freezing generators, decrease supply. Impose a binding price ceiling. What happens to electricity usage? Does the market clear? b. [8 points] Now do the same analysis but with near perfectly inelastic demand and supply. Does allowing a higher price ceiling "fix" the market? Why did this not prevent blackouts