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Consider a competitive economy that has four different jobs that vary by their wage and risk level. The table below describes each of the four jobs.
Job
Risk (r)
Wage (w)
A
1/5
$3
B
1/4
$12
C
1/3
$23
D
1/2
$25
All workers are equally productive, but workers vary in their preferences. Consider a worker who values his wage and the risk level according to the following utility function:
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Calculate what level of output this monopolistic competitor should produce if he/she wishes to maximize profits.
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