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5. Imagine that there are five brands of beer that differ on the attributes of quality (on a scale of 0-100) and price: Beer Price Quality Brand A $1.90 63 Brand B $2.80 78 Brand C $3.10 77 Brand D $1.80 38 Brand E $4.00 88 (a) Assume that consumers have $5. Calculate how much money they will they have leftover if they purchased each brand of beer. On a graph where the x-axis is money leftover, and the y-axis is quality, draw a point and label it for each of the beer brands, A-E. When the College Inn Pub offers Brand A and Brand B, 31% of students choose A and 69% of students choose B. Identify whether you would expect a higher or lower fraction of people to choose Brand A and whether you would expect a higher or lower fraction of people to choose Brand B if the pub changed its beer offering as stated in parts (b) through (d). Explain which context effect you believe is at work. (b) The pub offers Brand A, Brand B, and Brand C. (c) The pub offers Brand A, Brand B, and Brand D. (d) The pub offers Brand A, Brand B, and Brand E, but does not manage to sell Brand E. (e) Suppose the College Inn Pub cannot change the price of Brand A, Brand B, and Brand E (these are determined by the manufacturer), but they want to increase the demand of Brand E. Come up with the price and quality for a Brand F beer that will most likely achieve the pub's goal. Draw it on the graph. Explain why this works