Consider the case of an open-access aquifer used for irrigation by farmers in California.

i. (3 pts) Explain the intuition for why the aquifer may not be used by farmers in an economically efficient manner.

ii. (3 pts) Briefly explain why government intervention can increase net benefits to farmers in California.

iii. (3 pts) Explain how the ideas of Elinor Ostrom are relevant to the use of this open-access aquifer.