Assume that there is a centralized electricity market (where it is competitive and all bid prices reflect the true costs), where the bids and offers over the next hour are shown in the table below. Utility GEN 1 GEN 2 GEN 3 GEN 4 GEN 5 Bids for Supply Quantity (MWh) Price (S/MWh) 50 20 30 23 70 27 20 35 70 50 Utility DEMAND1 DEMAND 2 DEMAND 3 DEMAND 4 DEMANDS Offers for Demand Quantity (MWh) Price (S/MWh) 40 70 20 63 100 55 20 10 33 29 a) Calculate the market clearing price b) Calculate/determine the global welfare c) Assuming that if all the bids and offers from everyone else (i.e., GEN 2 through 5, DEMAND 1 through 5) remain the same, if GEN 1 is able to reduce its bid quantity (in MWh), how much MWh quantity should GEN 1 offer to maximize its profit in the next hour? Assume that there is a centralized electricity market (where it is competitive and all bid prices reflect the true costs), where the bids and offers over the next hour are shown in the table below. Utility GEN 1 GEN 2 GEN 3 GEN 4 GEN 5 Bids for Supply Quantity (MWh) Price (S/MWh) 50 20 30 23 70 27 20 35 70 50 Utility DEMAND1 DEMAND 2 DEMAND 3 DEMAND 4 DEMANDS Offers for Demand Quantity (MWh) Price (S/MWh) 40 70 20 63 100 55 20 10 33 29 a) Calculate the market clearing price b) Calculate/determine the global welfare c) Assuming that if all the bids and offers from everyone else (i.e., GEN 2 through 5, DEMAND 1 through 5) remain the same, if GEN 1 is able to reduce its bid quantity (in MWh), how much MWh quantity should GEN 1 offer to maximize its profit in the next hour