# micro economics

A) Assume that during a particular hour the following 37 bids (demand = load) were observed in the NordPool (first entry is Load in 1000 MWh (= Q), and second entry is €/MWh (= P)).

datainitial={{24,30.7},{23.5,36},{22.6,30},{22.5,30},{22,30},{21.5,31},{21.5,40.2},
{21.5,29.8},{23,29.6},{23.7,30.5},{24,30},{24.2,34},{25.2,30.2},{25.5,30.5},{23.5,41.2},
{22,32.5},{23.5,30.7},{24.5,31},{22.8,34},{22.7,36.8},{23.5,30.2},{25,29.5},{22.5,35.5},
{23,30.5},{22.5,45},{22,57},{21.7,75},{25.1,30.1},{23.2,43.2},{22,36.5}};

Estimate the demand elasticity for system price (equilibrium) of 22.045€/MWh, assuming the demand function is given by: (i) Q= A(P^b );(ii) Q=A+bP

(B) Suppose that the consumption of electricity per hour, during a normal day (starting at 00.00), by all villa owners (type 1) and the factories (type 2) is given in the following table. Estimate the peak load for the 95% and 99% probability level. Type 1:{1,1,1,1,2,2,2,3,2.5,2,1.5,1,1,1,1,2,2,4,5,6,5,4,2,1}
Type 2: {5,5,5,5,5,5,8,24,28,33,33,33,33,32,32,32,32,26,20,15,10,6,6,4}

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