la The supply of Renewable Energy (solar, hydroelectric, biomass) is represented below by s. Draw a demand curve on the market diagram below assuming elastic price elasticity of demand, labeling it Delastic Identify the equilibrium price (Pi) and quantity (21) on your graph. Price Quantity Market for Renewable Energy b . Now draw (in a different color) a demand curve which is inelastic through the same equilibrium point (21, P,) . Label this curve Dinelastic. C. Identify the total payments to the suppliers (total revenue) generated by this market. Label the area TR1 . d. The U. S. Federal government encourages renewable energy production with a number of programs which lower costs for renewable energy suppliers. Diagram this change and identify the new equilibria for both possible demand curves . (Don't bother listing steps to equilibrium.)