Budget line and budget set

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This video explains, if price of one of the commodity changes, how does this affect the budget line. Continue reading →

Suppose individual lives in a two commodity world {x,y} and prices she faces for these products are given by {p1,p2} , her income is m. Budget line all the bundles, she can afford, when she spends her entire income, i.e. p1x + p2y = m. Budget constraint shows all bundles which are affordable p1x + p2y ≤ m. Continue reading →

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Tag Archives: Budget line and budget set

Shift in budget line when price changes

Budget line and budget set