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Richard's over chocolate, c, and money, m, can be represented by the utility fun c tion where rc is his chocolate reference point, rm is his money reference point, and the function is defined as 1. If his reference point is the status quo (that is, his initial endowment), what is the maximum price Richard would be willing to pay to buy a chocolate? 2. If his reference point is the status quo, what is the minimum price Richard would be willing to accept to sell a chocolate he already owned?