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1. Iliana's preferences over mugs, m, and money, to, can be represented by the utility function: u(m,w) = 6m + w + 6p(m rm) +

1. Iliana's preferences over mugs, m, and money, to, can be represented by the utility function: u(m,w) = 6m + w + 6p(m rm) + p(w rm) where rm is her mug reference point, r\

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