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1. Jack considers Rum(R) and Whiskey(W) as substitutes. His utility function is U = 5R+7W. Rum...

1. Jack considers Rum(R) and Whiskey(W) as substitutes. His utility function is U = 5R+7W. Rum is priced at $42, compared to $60 for whiskey. What is Bruce’s utility-maximizing bundle of drinks? Assume that Bruce can spend $500.

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