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l. (30 points) Assume that electricity generation has the following demand and cost curves: Q = 24 l/6P TC = 340 0.502 Where: 0.: = Megawatt hours of electricity P = Price of electricity in dollars per megawatt hour TC = total cost measured in dollars a. What would be the socially optimal price and quantity of electricity produced in this market? What are prots at this price level and quantity? b. Should this market be considered a natural monopoly? Explain why or why not. c. What would you expect to happen in the electricity generation market if a regulator set a price ceiling at the socially optimal price? d. What would you expect to happen in this industry if the industry was allowed to develop without interference? What would be the price and quantity without interference and what would be the social losses? e. Suppose the utility is connected to a grid and individuals are free to choose any supplier. Power can be provided thru the grid at $17 per megawatt hour. 0 What would the demand curve look like with power available from the grid? What would the marginal revenue curve look like? What price and quantity would a prot maximizing monopoly charge and produce