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Can you please explain this in details? Question 7 (10 points): Consider a two-person household {a, b} that maximizes the following utility function: U =

Can you please explain this in details?

Question 7 (10 points): Consider a two-person household {a, b} that maximizes the following utility function: U = a (C - co)P - 1 + (1 - a) (1- lo)7 - 1 ,p

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