b. Next, suppose that instead of the tastes in exercise 21.3, your tastes can be described by

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b. Next, suppose that instead of the tastes in exercise 21.3, your tastes can be described by the utility function u1x,y2 5 x a

y 112a2

(where a lies between 0 and 1). My tastes remain unchanged. How much music will be played? Does your answer depend on e and does the equilibrium price p* depend on e?

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Muhammad Salman Alvi

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