1. Bid-rent problem. Consider an industry in a circular city. The industry:r produces a good for export. and the export point is the citsr center. The price of the good at the point of export is sit! per unit. Transportation costs within the city are 25 cents per mile per unit of the good, and other costs {labor and capital} are $5 per unit. Firms in the industry produce 1D!) units of the good per acre of land. The land market is perfectlyr competitive. which implies that the users of land hid enough to reduce their economic [excess] prots to zero. a. Find the bid rent function for the industry that corresponds to zero economic prot. h. Assume that agricultural bid rent is $100 per acre at all locations. At what distance does agricultural hid rent equal the industry's bid rent