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| 1. |
Define budget set. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/budget-25496" style="font-weight:bold;" target="_blank" title="Click to know more about BUDGET">BUDGET</a> set is the set of all possible combinations of the <a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> goods which a <a href="https://interviewquestions.tuteehub.com/tag/consumer-25599" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMER">CONSUMER</a> can <a href="https://interviewquestions.tuteehub.com/tag/afford-368588" style="font-weight:bold;" target="_blank" title="Click to know more about AFFORD">AFFORD</a>, given his income and prices in the market.</body></html> | |