1. Rational Individual Choice [maximum 200 words] Bill is contemplating how to spend his Saturday morning. He is trying to choose between two options: going to the gym and going to see a film at the local cinema. There is not time to do both. Bill recalls that his gym membership cost him 25 for the month. He has checked online and knows that a ticket for the cinema is f10. Thinking through the health and leisure benefits, he estimates that a morning sweating in the gym is worth $5, but that he would get enjoyment worth f16 from relaxing watching the film. If Bill is to make a rational decision, what should he do? Explain your reasoning. Briefly comment on whether you think most people in Bill's position do reason in the way that you have described