2. l7pts) Any firm that wants to produce and sell electricity in New York city has a fixed cost of $1 billion per year. The marginal cost (in dollars) of producing a Kilowatt Hour of electricity is: MC(Q)=3 a. Draw the short-run supply function for this firm? (lpt) b. What is the price elasticity of supply for this firm in the short-run? (1pt) c. What should the firm do in the short-run if P=6? (lpt) d. What are the annual profits ofthe firm if P=8? (1pt) e. Calculate and draw the average total cost function for the firm. (1pt) f. What does this average total cost function tell us about the firm (Answer is a technical term)? (1pt) 3. Given your answers above, why might the market for electricity not be perfectly competitive? (1pt)