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Suppose that a power utility company faces a total cost function of = 0.5^2 + 100,000. Where prices are in Ngwe/kilowatt-hour and quantities are in
Suppose that a power utility company faces a total cost function of = 0.5^2 + 100,000. Where prices are in Ngwe/kilowatt-hour and quantities are in million of kilowatt-hours. The demand function for off-peak hours is D : = 4 . The demand function for peak hours is: : = 8 . Calculate: (a) The equilibrium price and quantity demanded during off-peak hours. [4 marks] (b) The equilibrium price and quantity demanded during peak hours. [4 marks] (c) The total profit for electricity
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