Assume that housing output is a function of the quantities of capital (k) and land (l) employed by a developer, y=h(1,k), where h() is the housing production function. Also, assume that the developer's long-run cost function is c=rl+ik, where r= price for a unit of land and i= price for a unit of capital. (a) Draw an arbitrary cost-minimizing scenario for this developer using isoquants and iso-cost lines. Identify the cost-minimizing bundle as (l,k). Be sure to plot k along the y-axis. Please label your graphs. 5pt (b) Within a city, the price of capital, i, does not typically vary with a development's distance from the city center. However, the price of land traditionally declines as distance from the center rises. Using the cost-minimizing framework set up above, show how homes' capital-to-land ratios likely change as distance to the city center rises, holding housing output fixed. 5pt (c) Does your answer from above do anything to explain the differences in the types of homes that people occupy if living in downtown Chicago or its suburbs? 5pt