Explain the meaning of budget set and budget line

1.	Explain the meaning of budget set and budget line
Answer» <html><body><p></p>Solution : Budget set refers to the attainable combinations of a set of <a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a>, given prices of the goods and <a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> of the consumer. Similarly, if income of the consumer remains <a href="https://interviewquestions.tuteehub.com/tag/unchanged-2316761" style="font-weight:bold;" target="_blank" title="Click to know more about UNCHANGED">UNCHANGED</a>, the budget line will shift to the right when there is a proportionate fall in the prices of both goods <a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a> and Y.</body></html>

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