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1. (a) Graph a typical bid~rent for housing. Explain why it is convex. Explain why its slope is p'(a:) : t/q. (b) Show What will

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1. (a) Graph a typical bid~rent for housing. Explain why it is convex. Explain why its slope is p'(a:) : t/q. (b) Show What will happen to the bid-rent function if transportation innovations reduce t. How would your answer differ in a closed VS. an open city? (0) How would bid-rents differ between low and high income households

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