Question 4 help (in attached photo)

Question 4. {25%} Richard's preferences mrer chocolate, c, and money, in, can he represented by the utility function u{c,m) =66+m+6y{crc}+y{m rm) where re is his chocolate reference point, rm is his money reference point, and the function is denedas :1: 220 #(r}={ %1 14,0 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? 3 3. If his reference point is the status quo, what is the minimum amount of money Richard would be willing to accept instead of receng a chocolate {that he did not already own)? In other words, if Richard were a \"chooser,\" how much money would he demand to compensate for not accepting a chocolate