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

1. Iliana's preferences over mugs, m, and money, w, can be represented by the utility function: um, w) = 6m + w + 6u(m - mm) + H(w-TW) where I'm is her mug reference point, Tw is her money reference point, and z, if z > 0 H(2) 2z if z

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