Help me with these questions please.

exenctses ' 1. Explain in words why the supply curve slopes upward. ' 2. Explain in words why the demand curve slopes dOanard. . . _ 3. Suppose that the supply and demand schedules for a local electric utility are as follows: . . Price 17 16 15 14 13 12 11 Quantity supplied 9 7 5 3 1 a _ Quantity demanded 3 4 5 6 7 8 9 The price is in cents per kilowatt hour (kWh), and the quantities are in millions of kilowatt hours. The utility does not operate at prices less than 13 cents per kWh. a. Using graph paper and a ruler, or a computer spreadsheet or presentation program, care- fully graph and label the supply curve for electricity. b. 0n the same graph, draw and label the demand curve for electricity. c. What is the equilibrium price of electricity? The equilibrium quantity? Label this point on your graph. d. At a price of 17 cents per kWh, what is the quantity supplied? What is the quantity demanded? What is the relationship between quantity supplied and quantity demanded? What term do economists use to describe this situation? e. At a price of 14 cents per kWh, what is the relationship between quantity supplied and quantity demanded? What term do economists use to describe this situation? f. Sometimes cities experience \"blackouts," in which the demands on the utility are so high relative to its capacity to produce electricity that the system shuts dowu, leaving every- one in the dark. Using the analysis that you have just completed, describe an economic factor that could make blackouts more likely to occur. 4. Continuing on from the previous problem (in question 3), suppose that new innovations in energy efciency reduce people's need for electricity. The supply side of the market does not change, but at each price buyers new demand 3 million kilowatt hours fewer than before. For example, at a price of 11 cents per kWh, buyers new demand only 6 kWh instead of 9 kWh. a. On a new graph, draw supply and demand curves corresponding to prices of 16 cents per kWh or less, after the innovations in efciency. Also, for reference, mark the old equilibrium point from the previous exercise, labeling it 5,. b. If the price were to remain at the old equilibrium level (determined in part (c) above}, what sort of situation would result? c. What is the new equilibrium price, with the new demand curve? The new equilibrium quantity? Give this point on your graph the label E 2. d. Has there been a change in demand? Has a change in the price (relative to the original situation) led to a change in the quantity demanded? e. Has there been a change in supply? Has a change in the price (relative to the original situation) led to a change in the quantity supplied