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Please explain! 6. (5 points) Suppose that a household resides in an urban area at a distance of 8 miles from downtown. The household occupies

Please explain!

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6. (5 points) Suppose that a household resides in an urban area at a distance of 8 miles from downtown. The household occupies a residential lot measuring 5000 square feet, and at this distance from downtown land rent is $2.00 per square foot per year. One of the members of the household must commute to downtown for work five days a week (50 weeks per year). The total cost of this commuting (counting time costs as well as monetary costs) is $6.00 for each work day. A) How much is the household currently paying in land rent per year? Show your work. (2 point) B) How much is the household currently paying in commuting costs per year? Show your work. (1 point)

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