3) Suppose the equilibrium price of water rises to $30 per gallon because of a severe water shortage and suppose the total number of gallons of water used is 10 million per day. a) Using Supply/Demand Curves, label equilibrium, consumer surplus, and producer surplus. b) What do economists mean when they say producer surplus? c) Now suppose we impose a price ceiling of $15 per gallon on water. Label consumer surplus, producer surplus, and deadweight loss. Who is this price ceiling better for, the consumer or producer? c) Explain the tradeoff between efficiency and equity in this market. What do we mean by efficiency? What do we mean by equity? How would you apply these to this market/situation?.