Recall that the zoning law says that each developed block must contain 15,000 square feet of floor space.Suppose that the annualized cost of the building materials needed to construct this much housing is $90,000. [Note: $90,000 = iK, where K is the capital needed to build 15,000 square feet of floor space.If i= 5%, then K = $90,000/.05 = $1,800,000.] The annual profit per square block for the housing developer is equal to 15000p-90000-r, where r is land rent per square block.In equilibrium profit for the developer is just equal to zero everywhere.In the absence of any other activities, land rent at x* (call it r*) is just equal to zero. What is the value of p at x*?Call this p*.