5. Consider a monocentric city in which the unit cost of commuting is $10 per mile per month. A household located eight miles from the city center occupies a dwelling with 1,200 square feet at a monthly rent of $600. Nonland cost per dwelling is $200, and there are four houses per acre. (a) What is the price (per square foot) of housing at the distance of 8 miles? What is the bid rent at the distance of 8 miles? (5 pts) (b) Assume that the demand for housing is perfectly inelastic (i.e., people always choose to live in a 1,200-square-foot housing unit). What is the price of housing at the distance of 5 miles? (10 pts) (c) Assume that housing developers do not engage in factor substitution. What is the bid rent at the distance of 5 miles? {10 pts)