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Electricity production costs affect total net social welfare

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Reference no: EM131581192

Question: Consider the market for electricity. Suppose that the price of producing energy decreases due to lower fuel costs.

a. How does the decrease in electricity production costs affect total net social welfare? Use a graph to support your answer and indicate the area that represents the change in social welfare.

b. Can we clearly say what happens to consumer surplus as a result of the decrease in energy production costs? Use a graph to support your answer.

Reference no: EM131581192

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