Define budget line
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Posted by Gauri Pundir 6 years, 8 months ago
- 3 answers
Shruti Gupta 6 years, 8 months ago
It is the curve which shows the various combination of two goods that can be bought by a consumer given the money income and price of two goods. Thus, it is a diagrammatic presentation of budget set.
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Yogita Ingle 6 years, 8 months ago
Budget Line or Price Line This line is showing different combinations of two goods which a consumer can attain at given income and market price of the goods.
Equation of Budget Line, M = Px Qx + Py Qy Where, M = Market
Px = Price of Good x, Py = Price of Good y
Qx = Quantity of Good y, Qy = Quantity of Good y
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