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Natural Resource Economics ECN 317Assignment 7Due Date: 11/09/2017 Total points: 30Below is the information for the electric power system for the state of Utopia. The generating capacity for the state is owned by a competitive industry. Fuel TypeCapacity (Mw)Operating Cost($/Mwh)Hydro10000Biomass4004Nuclear16008Coal300035Natural Gas100045Oil150065Suppose the state public utility commission of Utopia decides to regulate the prices the industry.