Economic..

IV. A renewable energy project would increase the supply of electricity in the Pacic Northwest. The market for electricity is perfectly competitive, the demand equation for electricity is 00 = 300 4P and the supply equation without the project is 030 = 2P. The output of the project, 09, would be 60 units. A. What is the equilibrium price and quantity of electricity without the project? B. What is the equilibrium price and quantity of electricity if the project is built? C. What would be the total social value of the electricity produced by the project? D. How much of the total social value is attributable to increased electricity consumption and how much to decreased electricity production by other suppliers