In Question 3, your analysis of the expected final equilibrium in Winter 2022-23, under the assumption of an extremely cold winter, produced a final equilibrium price (P₂) and the equilibrium quantity (Q₂).

Now, as your final analytical task for Questions 5 and 6, assume that the governments of the six states comprising New England impose a uniform price ceiling that is below the equilibrium price P₂ you arrived at in Question 3.

• Please illustrate the impact of this price ceiling policy on New England's electricity market graphically. Label this new effective price ceiling as P_C; and indicate graphically the impact of the price ceiling, the quantity demanded and quantity supplied at this price, and clearly show any possible surpluses or shortages of electricity.