Consider a society with millions of individuals, who all value only two things about their job: Money (i.e. the annual salary it pays) and Status (e.g. how famous you are). Everyone likes both of these aspects of their job, but preferences are heterogeneous, such that some people care (much) more about money than about status, whereas others care (much) more about status than about money. Assume that apart from their individual preferences, everyone is equal in every other respect (e.g. age, experience, education, looks, skills, etc.). Assume there are many different competitive labor markets (i.e. professions) in this world, each one offering a distinct "total compensation package" consisting of a combination of money and status. a) Plot the indifference curves of two different individuals: (i) someone with relatively high tastes for money, and (ii) someone with relatively high tastes for status. How do you interpret their reservation prices, and how to they differ? b) Make a graph of the hedonic wage function in this world. How would you interpret its slope and its intercept? Plot the optimal tangency points (and corresponding indifference curves) for the two individuals whose indifference curves you plotted in part a).