Suppose you are a rational, utility maximizing consumer trying to determine how to spend your money between purchasing Taylor Swift songs off iTunes (t) and other goods (x). You have a Cobb-Douglas utility function U(t, x) = tα * xβ, where α and β are positive constants. The price of a Taylor Swift song is p and the price of other goods is 1. Your income is M. What is the equation for your budget constraint?
