1. The ESPN cable TV network runs a major sports information site atwww.espn.com(Links to an external site.). Most of the content is free, but ESPN has a premium membership (see its "ESPN+") available for a monthly or an annual fee. Similar, but fee-free, sports content can be found at the Web sites of CNN Sports Illustrated,sportsillustrated.cnn.com(Links to an external site.), and CBS Sports Line,www.cbssports.com(Links to an external site.). Since ESPN has put a price tag on some of its sports content, it implies that the utility of a premium membership cannot be found at a no-fee site and is therefore worth the price. Is this the case? Use the utility-maximization rule to justify your subscribing or not subscribing to the premium membership. Specifically you must demonstrate the rule: MUx/Px= MUy/Py = . . . MUz/Pz (and spending your full budget) - Hint: Price is never zero - there is always an opportunity cost in terms of time.

Answer should be in detail.