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| 1. |
Define budget set |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :A budget set or opportunity set includes all possible <a href="https://interviewquestions.tuteehub.com/tag/consumption-931383" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMPTION">CONSUMPTION</a> bundles that someone can afford given the <a href="https://interviewquestions.tuteehub.com/tag/prices-1165311" style="font-weight:bold;" target="_blank" title="Click to know more about PRICES">PRICES</a> of goods and the <a href="https://interviewquestions.tuteehub.com/tag/person-25481" style="font-weight:bold;" target="_blank" title="Click to know more about PERSON">PERSON</a>'s income level. The budget set is <a href="https://interviewquestions.tuteehub.com/tag/bounded-2006551" style="font-weight:bold;" target="_blank" title="Click to know more about BOUNDED">BOUNDED</a> above by the budget line.</body></html> | |