What is the weighted average cost of capital (WACC) and provide the equation when long-term debt and common equity are used to obtain capital funds?

Please describe each component and how you measure each?

How does a higher beta affect WACC and why?

How does a drop in the bond market effect WACC and why? What is the WACC for a public utility given the following information: beta: 0.8, expected rate of return on the S&P 500: 12.4%, risk-free rate (T-bill yield): 4%, yield to maturity on long-term bonds: 7.2%, required rate of return on preferred stock: 7.5%, common equity ratio: 60%, debt ratio: 30%, preferred stock ratio: 10% and an effective corporate tax rate: 21%.