14. Versiom'ng o) {5 marks). What is versioning. If a firm is currently offering a high quality version then explain the trade-off involved in introducing a low quality version. Consider both the case in which the firm sells the high quality product to {i} both buyers and [iii to high demand buyers only. b) {5 marks). Determine whether versioning is profitable in the following example. Refer to your answer in part a} to explain the profit consequences of versioning in this example. Low and High Quality Versions N = number of Students, N = Number of Experts ill'ersion Student Ex ert Costs Basic 100 140 50 Full 120 200 72 c) {5 marks). Explain why versioning may be more profitable if a less efficient low quality version is offered. Illustrate your answer by comparing the profitability of versioning in the example below to the profitability of versioning in part b). Low and High Quality Versions: Inefficient Low Quality Version N = number of Students, N = Number of Experts Version Student Expert Costs Basic 80 100 40 Full 120 200 72 d) {5 marks). If a firm is currently offering a version with no restrictions then explain why offering an equally costly version with restrictions can increase profits. Illustrate your answer by determining the profitability of versioning in the example below. Restricted and Unrestricted versions N = number of buyers of each type, Buyers buy only 1 version iufersion Tourist Worker Costs Restrictions No Restrictions 200 250 350 600 10 10