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For Question 3, please refer to your graph in Question 2. You have been asked to analyze what will happen to the New England market for electricity if the Winter 2022-23 (December 2022 through February 2023) results in much colder temperatures than Winter 2021-22 (December 2021 through February 2022), causing all residential customers to scramble for more electricity than they would typically need to heat their homes.

• Using your graph from Question 2, analyze the impact of this change in consumer desire for more electricity. Clearly show any shifts in demand and/or supply curve(s) that came about because of this exit. Label any shifted curves as D₂and/or S₂.
• Clearly show the new market equilibrium. Label the new equilibrium price as P₂ and equilibrium quantity transacted as Q₂.