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In the following videos, we look at some basic concepts related to Budget line. In the first video, we distinguish between budget set and budget line and provide an economic intuition for slope of the budget line.

Then we try to look how budget line shifts if price of one of the commodity changes or if income of the consumer changes or there is a tax or subsidy on any one commodity or there is a rationing of any one product. These applications help us to understand how budget line shifts or rotates in different scenarios. 

Distinguish between budget line and budget set. Derive the slope of budget line and provide its economic intuition.

 

How would the budget line shift if the price of x changes?

 

How the budget line would shift if income of the consumer increases?

 

How the budget line would shift in case of taxes and subsidies?

 

Suppose there is a tax on y after y bar. How would the budget set looks like in this case?

 

Draw the budget set in case of rationing of any one of the product.