Module 5 – Consumer Choice 1. Tiffany has $48 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class costs...

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Module 5 – Consumer Choice 1. Tiffany has $48 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class costs $3. The total utility from each of these activities is set out in the table below. What is Tiffany's total utility maximizing point? Show your calculation in the table or the space below. (No credit can be earned without showing proper steps. All numbers rounded to one decimal place.) (4’) Movies Total Utility Yoga Classes Total Utility 0 0 0 0 1 40 1 30 2 75 2 55 3 105 3 76 4 130 4 92 5 150 5 106 6 114 Explanation: 2. Below is the budget constraint Tiffany faces between purchasing groceries and clothes. The point labeled M represents the original preferred point. COVID-19 has made the price of groceries increase. Show Tiffany’s new budget constraint and new preferred point. Explain briefly. (3’) Clothes M Groceries (If the diagrams for question 2&3 are not shown properly, above is how it looks.) 3. Below is the budget constraint Tiffany faces between purchasing groceries and clothes. The point labeled M represents the original preferred point. Tiffany’s income decreased due to COVID-19. Show Tiffany’s new budget constraint and new preferred point. Explain briefly. (3’) Clothes M Groceries