Hw question please help and graph solve fully

10. (8 points) Suppose a new carbon price raises the price that consumers pay for electricity from fossil fuels. Now consider the perfectly competitive market for renewable energy, which is a substitute for electricity from fossil fuels. For the purposes of this question, suppose renewable energy does not generate carbon emissions. In an analysis of how the carbon price will affect the renewable energy market, an economist makes the following claims: "By raising the price of a substitute, a carbon price will raise the price of renewable energy in the short-run. However, since the market for renewable energy is competitive with free entry, the price of renewable energy will come back down in the long run." Use graphical analysis to illustrate and explain the economist's claims