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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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