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1. (a) Graph a typical bidrent for housing. Explain why it is Convex. Explain whyr its slope is p'(:t) : t;'q. (b) Show what will

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1. (a) Graph a typical bidrent for housing. Explain why it is Convex. Explain whyr its slope is p'(:t) : t;'q. (b) Show what will happen to the bidrent function if transportation innovations recluse 3. How would your answer differ in a closed us. an open city? (o) How woutd bid-rents differ between low and high income households

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