Economics You have been approached by the State Water Board to undertake a consulting job. With the ever- present threat of drought conditions throughout the State, the Water Board needs to consider whether to apply restrictions and what form these should take. As you may recall there were several types of restrictions that were implemented in the past. The General Manager of the Water Board was prepared to simply use the same restrictions arguing she recalls an average drop in total State consumption of 12% when the restrictions were in place. However, their Chief Economist argued that they needed a more comprehensive evaluation of the impact of those restrictions and their General Manager had agreed and consequently we have been awarded the project. The project will take 8 weeks (excluding weeks 6 and 10). 1. What is the goal of the econometric analysis (research question) of the project? 2. Based on the research question, what is the economic hypothesis? 3. Propose an econometric model (population regression) for the economic hypothesis, please clearly state the outcome and the regressor, 4. Bonus question: do you have any initial thoughts about the data required for this project, e.g. what information needs to be collected, the kinds of data, etc