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Fill in the following table to answer the following questions. Assume a budget constraint of $5. G Question: Now assume that the individual starts off
Fill in the following table to answer the following questions. Assume a budget constraint of $5. G Question: Now assume that the individual starts off at 0 units consumed of iTunes videos and iTunes songs. Assuming that the individual is a utility maximizing individual, what is the and when the consumer purchases their first good, and what good is purchased? MU: 16 MU/P: 16 An iTunes video is purchased. MU: 16 MU/P: 8 An iTunes video is purchased. MU: 30 MU/P: 15 An iTunes song is purchased. MU: 30 MU/P: 30 An iTunes song is purchased
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