intially, electricity is sold in new york at a competitive single price. now suppose that new york...

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intially, electricity is sold in new york at a competitive single price. now suppose that new york restricts the quantity of electricity its citizens can buy, show what happens to the price of electricity and the quantities sold in new york

David · Accepted Answer

Initially, electricity is sold in New York at a competitive single price. Now suppose that New 
York restricts the quantity of electricity its citizens can buy, show what happens to the price of 
electricity and the quantities sold in New York? 
Answer: 
The initial condition of New York electricity market has been represented in the figure below;

intially, electricity is sold in new york at a competitive single price. now suppose that new york restricts the quantity of electricity its citizens can buy, show what happens to the price of...

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