SELECT * FROM question_mgmt as q WHERE id=10212 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)

Question:

What happens to the budget set if both the prices as well as the income double?

Answer:

If the prices and the income are doubled, then the budget line will remain unchanged.
M1 = Rs. 20, M2 = Rs. 40
P1 = Rs. 4, P1 = Rs. 8
P2 = Rs. 5, P2 = Rs. 10

Horizontal intercept =

Vertical intercept =

Slope =

Hence, the vertical intercept, the horizontal intercept and the slope of the budget line will remain the same. The new budget line will be the same as the old budget line but associated with higher income and higher prices of both the goods.


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