Derive the expression of budget set …
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Yogita Ingle 5 years, 2 months ago
The Budget Line, which is also known as Budget Constraint exhibits all the combinations of two commodities that a customer can manage to afford at the provided market prices and within the particular earning degree.
The budget line is a graphical delineation of all feasible combinations of two commodities that can be bought with provided income and cost so that the price of each of these combinations is equivalent to the monetary earnings of the customer.
A budget set refers to all those quantities of two goods that a consumer can buy, given the prices of the goods and his money income. Its equation is given by:
P1.X1 + P2.X2 <= M
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