2. The gradient-of the hidrent for business land is ripe) 2 t\". Use an isoqnant diagram to explain why it is convex.' 3. Use hid-rents for residential and business land to explain the changes in business and residential location since the late 19th century. 4. Use the sic-quadrant diagram of a housing market equilibrium to explain what happens if there is a boom-bust cycle in housing demand supposing that the supply of new construction is unit elastic. How would your answer change if the elasticity of supply of new construction is lower (higher)