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Question 3 (20 marks). Irene spends all of her income M on soda and chips. The price of soda is 2 per unit. Irene's utility

Question 3 (20 marks). Irene spends all of her income M on soda and chips. The price of soda is 2 per unit. Irene's utility function is U(s, c) = 5 In(1 + s) + In(1 + c). Hint: throughout the question, you can assume M 2 50 and pe

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