3. The Electric Company provides electric power service to a three state region in the country. The annual demand for electric power in this region is Q = 4500 - 100P where quantity (Q) is measured in millions of kilowatt hours (kWh) and the price (P) is cents per kWh. The firm operates in a decreasing cost industry. Suppose the electric company uses a block pricing scheme with prices P1= 15, P2 = 10, and P3 = 5. What quantity levels are associated with the first, second, and third blocks of annual electricity demanded?

3. The Electric Company provides electric power service to a three state region in the country. The annual demand for electric power in this region is Q = 4500 - 100P where quantity (Q) is measured in millions of kilowatt hours (kWh) and the price (P) is cents per kWh. The firm operates in a decreasing cost industry. Suppose the electric company uses a block pricing scheme with prices P1= 15, P2 = 10, and P3 = 5. What quantity levels are associated with the first, second, and third blocks of annual electricity demanded?

Electricity for Refrigeration, Heating, and Air Conditioning (MindTap Course List)

10th Edition

ISBN:9781337399128

Author:Russell E. Smith

Publisher:Russell E. Smith

Chapter2: Basic Electricity

Section: Chapter Questions

Problem 27RQ: How do electric utility companies charge customers for electricity?

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