3. [35pts] Mike, who has referenceudependent preferences ever beer and money, goes to the local pub with a friend, but is not planning on drinking any beer or spending any of his $50 in cash. Let his end-ef- evening outcomes in pints of beer censinned and cash be (:1 and (32, respectively, and let his reference point in pints of beer and cash be an and r2, respectively. Then, Mike's utility is given by 'U(GC1 '- Til + \"((32 - T2); where 1:03;) 2 a: fer a: 33 U, and eta) : 1.5:]: fer :i: