Consider the following simplified monocentric city model. 11. All dwellings must contain exactly 7 square meters of floor space regardless of location. All buildings must contain exactly square meters of floor space per square block of land area. The annual cost of the interest on the capital required to build these buildings is Z. Each individual earns y thousand dollars per year. The cost of commuting one block is f thousand dollars per year. Each individual's budget constraintis c 4+ p - g+t - x = y. Where is annual consumption of all other goods, p is the annual cost of renting one square meter of living space, is the quantity of living space rented, x is the number of blocks away from the central business district the individual lives, and vy is income. An individuals utility function is U(c,q)=c-q As we are in the open city model, in equilibrium everyone in the city has the same utility 1. (a) (4 points) What should we include in calculating the cost of commuting a round-trip block for a year? [ am looking for conceptual answers, not specific numbers. (b) (4 points) Let c* be the amount of \"all other goods\" each person in the city consumes. What is * and why is it a constant? (I want a formula and an explanation). (c) (6 points) How does p vary with distance to the central business district? Specifically, write down a formula for p(x). This should be a function of . (d) (6 points) Solve for the equilibrium land rent as a function of distance from the central business district, r(x). This should be a function of 7. (e) (6 points) Assume wages double in Toronto. What should I change about the model to reflect this? How do p(x) and r(x) change? What is the intuition for this