Question: Please read the article on page 523 here's the link: http://railassociation.ir/Download/Article/Books/Managerial%20Economics-%20A%20Problem%20Solving%20Approach.pdf Case Study 12.1- Electricity Summarize the mistakes made by the Californian regulators. What external

Please read the article on page 523 here's the link: http://railassociation.ir/Download/Article/Books/Managerial%20Economics-%20A%20Problem%20Solving%20Approach.pdf

Case Study 12.1- Electricity

Summarize the mistakes made by the Californian regulators.
What external or uncontrollable factors aggravated the situation?
Comment on the quote by Carl Wood of the Public Utilities Commission: 'I'm not an economist, so I'm flying by the seat of my pants, but it seems to me that it is orthodox economics that got us into this mess in the first place.'
How can California's problems be fixed?

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