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Calling here is clearly the correct play. Doubling up puts you second in chips and gives you massive equity for first or second place. Now if you fold here, A) You may not get in a better situation, B) You sneak into the money but go out third. But if you call and win you're extremely likely to cash, you have a very good shot at second place, and you also give yourself the maximum chance to make first place, where the real money is in SNGs.
With all that said, calling here is simple. If he doesn't have a pair, you're a big favorite, especially if he has Ax or Kx, which is most likely the case. You're a slight dog to pairs up to QQ, and it's very unlikely he would make such a massive raise with AA or KK.
What it comes down to is the bubble obviously. Your argument is that you can find a better spot by pushing with any two and having fold equity, all while sneaking into the money as a shortstack, all but guaranteeing yourself a third place finish at best and you could easily bubble. Now if you call you will be ahead most of the time, and when you are ahead you are going to be a big favorite, and when behind you will only be a small underdog. And winning the hand essentially guarantees a cash, and also gives you a great shot at second place (you winning that hand puts you second in chips) and also gives you a shot at first place. This is a clear call in my book.
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