Consider the basic monocentric city model where households care only about distance to the CBD, x, and get utility from housing, H, and a composite good, G. There are fixed number of households in the city and households maximize utility subject to a budget constraint as follows: ,_,_ _(_,_)_ _._._=_+_+_ _ where W is wage income, _is the price of housing, and t is constant transportation cost per mile. a. Within the context described above, define and explain the concept of bid-rent