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This is the complete set of information given, none is mssing. Thanks for answering Richard's preferences over chocolate, c, and money, m, can be represented
This is the complete set of information given, none is mssing.
Thanks for answering
Richard's preferences over chocolate, c, and money, m, can be represented by the utility function where rc is his chocolate reference point, rm is his money reference point, and the function is defined as l. 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?
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