(5 points) Recall the locational indifference condition in the model of housing prices with com- muting costs: AP: h(x) + Axt=0 A) If h(x) = 750, have we modeled consumers as being able to substitute? How do you know? (1 point) B) Derive the slope of the bid-rent curve when h(x) = 750 (1 point) D) Rederive the slope of the bid-rent curve using h(x) = 650 + x2 (1 point) E) Find the distance x at which the two bid rent curves from part B and D have equal slope. (hint: set h() from part B equal to part D and solve). (1 point) (5 points) Recall the locational indifference condition in the model of housing prices with com- muting costs: AP: h(x) + Axt=0 A) If h(x) = 750, have we modeled consumers as being able to substitute? How do you know? (1 point) B) Derive the slope of the bid-rent curve when h(x) = 750 (1 point) D) Rederive the slope of the bid-rent curve using h(x) = 650 + x2 (1 point) E) Find the distance x at which the two bid rent curves from part B and D have equal slope. (hint: set h() from part B equal to part D and solve). (1 point)