QUESTION 1: WATER. WATER. EVERYWHERE [25 POINTS] The Surf City water market features competitive conditions (Widespread access to mature technologies, free entry, an undifferentiated product). The supplyr and demand curves are given by .- 9 = r}_ Supply. .5 5. 10 Demand: it, = 200 - 5? (a) [10 points] In the absence of any regulation, what would be the equilibrium price and quantity of water in Surf City? What are consumer and. producer surplus