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1. Apply and describe the standard utility maximization problem (UMP) to the market for breakfast cereals. Identify the goal, endogenous (i.e. choice) variables, exogenous variables
1. Apply and describe the standard utility maximization problem (UMP) to the market for breakfast cereals. Identify the goal, endogenous (i.e. choice) variables, exogenous variables and the economically important solutions to the model.
2. Why is demand estimation important?
Please provide the answers in an essay format.
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