2. [12 points] We have recently experienced one of the most severe cold spells in Central Texas. You know a lot of what transpired and how it affected all of us. Analyze the market response in each independent scenario presented below. Pick an appropriate starting point, label everything, show what happens to price and quantity, and provide a brief explanation for your answers. Consider the market for electricity service at the retail level in parts a-c. a. As the temperature dropped, wind turbines in West Texas froze and 25% of the electric generation shut down. b. As both the temperature and generating capacity fell, because many people were on fixed price contracts, retail prices of electricity were unable to increase. c. The governor's request to the federal government to exceed emissions standards set for fossil fuel plants was denied. As a result, the surge demand resulted in the failure of sections of the power grid, resulting in further blackouts. d. Consider the market for portable power generators. In the week prior to the deep freeze, retail customers, anticipating possible power outages, flocked to Lowe's to purchase generators. Laws against price gouging meant that Lowe's could not raise prices above their normal level