2. Backing Out Amenities The table below gives log wages (w) and log rents (r) for selected cities in the United States. Suppose that every agent has indirect utility function: V(w,nM)=w-n+ M where M, is amenities in city i. Suppose we know that amenities in Akron, Ohio are equal to -0.10. a. What must be true about indirect utility across all cities in spatial equilibrium? (2 points) b. Fill in the last two columns of the table below, where M is amenities in each city and V is indirect utility. Assume we in a spatial equilibrium. (9 Points) Name W I M V(WEMI Akron, OH 10.55 5.90 -0.10 4.55 Chicago-Naperville-Joliet, IL-IN-WI 10.70 6.28 Cincinnati-Middletown, OH-KY-IN 10.62 5.96 Cleveland-Elyria-Mentor, OH 10.57 5.91 Detroit-Warren-Livonia, MI 10.64 6.06 Honolulu, HI 10.67 6.64 Miami-Fort Lauderdale-Miami Beach, FL 10.53 5.41 Portland-Vancouver-Beaverton, OR-WA 10.57 6.30 San Francisco-Oakland-Fremont, CA 10.94 6.68 San Jose-Sunnyvale-Santa Clara, CA 11.12 6.78