Certainly, let's go through each of the questions (A to F) and provide guidance on how to
Question:
Certainly, let's go through each of the questions (A to F) and provide guidance on how to address them:
a. Graphing the Supply Curve for Electricity:
Draw the axes:
- Draw a horizontal (X) axis labeled "Price (cents per kWh)" and a vertical (Y) axis labeled "Quantity (millions of kWh)."
Plot the supply schedule:
- Using the supply schedule provided, plot the points (Price, Quantity Supplied) on the graph for prices 12 to 17 cents per kWh.
- For example, at 12 cents per kWh, plot (12, 11) and so on.
Connect the points:
- Connect the plotted points with a smooth, upward-sloping curve to represent the supply curve for electricity.
b. Graphing the Demand Curve for Electricity:
Use the same axes as in part (a).
Plot the demand schedule:
- Using the demand schedule provided, plot the points (Price, Quantity Demanded) on the graph for prices 12 to 17 cents per kWh.
Connect the points:
- Connect the plotted points with a smooth, downward-sloping curve to represent the demand curve for electricity.
c. Finding the Equilibrium:
Locate the point of intersection:
- Identify the point where the supply curve and demand curve intersect on your graph.
- This intersection point represents the equilibrium price and quantity.
Label the equilibrium point:
- Label the equilibrium point with the equilibrium price and equilibrium quantity.
d. At a price of 16 cents per kWh:
Identify the quantity supplied:
- Find the point on the supply curve corresponding to a price of 16 cents per kWh.
- Read the quantity supplied at this price.
Identify the quantity demanded:
- Find the point on the demand curve corresponding to a price of 16 cents per kWh.
- Read the quantity demanded at this price.
Describe the relationship:
- Determine whether the quantity supplied is greater than or less than the quantity demanded at this price.
- Economists use the term "surplus" to describe a situation where quantity supplied exceeds quantity demanded.
e. At a price of 13 cents per kWh:
Identify the quantity supplied:
- Find the point on the supply curve corresponding to a price of 13 cents per kWh.
- Read the quantity supplied at this price.
Identify the quantity demanded:
- Find the point on the demand curve corresponding to a price of 13 cents per kWh.
- Read the quantity demanded at this price.
Describe the relationship:
- Determine whether the quantity supplied is greater than or less than the quantity demanded at this price.
- Economists use the term "shortage" to describe a situation where quantity demanded exceeds quantity supplied.
f. Economic Factors Leading to Blackouts:
Consider capacity constraints:
- Think about economic factors that could lead to the demand for electricity exceeding the utility's capacity to supply it.
Examples of factors:
- Increased demand due to extreme weather conditions, a sudden surge in population, inadequate investment in infrastructure, or technical failures in power generation facilities can strain the system and potentially lead to blackouts.
Make sure to label your graph clearly and provide accurate answers to each part of the question based on the data and analysis.
Give me graph of A-F, according to Information
Advanced Accounting
ISBN: 978-1305084858
12th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng