Suppose that an individual consumes two goods, bread, c, and housing, q, receives income, y, and pays transportation cost of t per roundtrip mile. The distance from work is represented by x, so that: consumption = c +pq disposable income = y - tx a. Derive the bid-rent function for housing (p). Explain the required steps and assumptions. Presenting equations only will not be sufficient for full credit. b. What is the slope of the housing bid-rent function? c. Briefly explain how the bid-rent curve for land (r) is derived and what assumptions are required. (It is not necessary to derive the equation.) d. What are "factor substitution" and "consumer substitution"? How do they affect the shape of bid-rent curves? e. In general, will the slope of the land bid-rent curve be steeper or flatter than the housing bid-rent curve? Explain