1) (35 points ) The inverse demand for wind powered turbines (that produce electricity from the wind ) is The supply of wind powered turbines is , where P is in thousands of dollars and Q is in thousands of wind turbines . The market for wind powered turbines is perfectly competitive ? = 5 + 0.8? a. (10 points ) The equilibrium quantity in the market is thousand wind turbines and the equilibrium price in the market is thousand b. (20 points ) The government wants to encourage alternative sources of energy and decides to offer wind turbine producers a subsidy of $3 thousand per turbine produced and sold . As aresult , the new equilibrium quantity in the market will be thousand turbines , the amount sellers will receive for each turbine sold is thousand and the amount buyers will pay for each turbine purchased is thousand c. (5 points ) The deadweight loss caused by the subsidy is million