SELECT * FROM question_mgmt as q WHERE id=10207 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=609 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics Theory of Consumer Behaviour what is budget line

Question:

What is budget line?

Answer:

A budget line represents the different combinations of two goods that are affordable and are available to a consumer; while being aware of his/her income-level and market prices of both the goods.
Let 1
x be the amount of good 1.
2x be the amount of good 2.
P1 be the price of good 1.
P2 be the price of good 1.
P1 X1 = Total money spent on good 1.
P1 X1 = Total money spent on good 2.

Then, the budget line will be:
P1 X1+ P2 X2=M
All the consumption bundles on the budget line cost the consumer exactly the equivalent of his/her income.


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