• • Two different energy companies handled these shocks differently: o Griddy Energy offers a variable rate plan that allows customers to pay wholesale prices. Their electric rates change based on the movement of the electricity supply and demand? What happened to these customer's bills? o Brazos Electric Power Cooperative purchases power wholesale but distributes to customers at a capped price. What happened the Brazo customers and what happened to Brazos who had to pay wholesale prices to ERCOT, Texas's electric grid operator? With Texas operating an electric grid isolated from the nation's power infrastructure, Quantity supplied is capped. (For this example, consider this to be a quota). What happened to Texans because of this finite level of supply? [Hint: Many froze to death]. Make sure you show a representation of supply, demand, and the cap on supply when you explain.

• • Two different energy companies handled these shocks differently: o Griddy Energy offers a variable rate plan that allows customers to pay wholesale prices. Their electric rates change based on the movement of the electricity supply and demand? What happened to these customer's bills? o Brazos Electric Power Cooperative purchases power wholesale but distributes to customers at a capped price. What happened the Brazo customers and what happened to Brazos who had to pay wholesale prices to ERCOT, Texas's electric grid operator? With Texas operating an electric grid isolated from the nation's power infrastructure, Quantity supplied is capped. (For this example, consider this to be a quota). What happened to Texans because of this finite level of supply? [Hint: Many froze to death]. Make sure you show a representation of supply, demand, and the cap on supply when you explain.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 31CTQ: If a government gains from unexpected inflation when it borrows, why would it choose to offer...

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