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12 Question {11 points) 3 See page 302 Atypical consumer's monthly demand for kilowatt hours (kWh) of electricity is given by D(p) = 7'3000 280000;). Due to advances in renewable energy that have reduced barriers to entry, the supply of electricity can be considered as a perfectly competitive market. with a horizontal supply curve at price $0.08 per kwh. lst attempt Part 1 (5.5 pts) What is the quantity consumed by a typical consumer in equilibrium? Suppose that Congress wants to promote renewable energy and thus proposes a subsidy to consumers of $0.02 per kwh. What is the equilibrium quantity with the subsidy? Part 2 (5.5 pts) What percentage ofthe gain from the subsidy goes to sellers? What is the deadweight loss from the subsidy? I/