What is budget set ? Explain what can lead to change in budget set.

1.	What is budget set ? Explain what can lead to change in budget set.
Answer» <html><body><p></p>Solution :Budget set is the set of all possible <a href="https://interviewquestions.tuteehub.com/tag/combinations-922706" style="font-weight:bold;" target="_blank" title="Click to know more about COMBINATIONS">COMBINATIONS</a> of the two goods which a consumer can afford, given his income and <a href="https://interviewquestions.tuteehub.com/tag/prices-1165311" style="font-weight:bold;" target="_blank" title="Click to know more about PRICES">PRICES</a> in the market. <br/> Budget set is <a href="https://interviewquestions.tuteehub.com/tag/based-389387" style="font-weight:bold;" target="_blank" title="Click to know more about BASED">BASED</a> on the assumptions of constant income of consumer and constant <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> of the commodities. Any change in the income of the consumer or/and price of the commodity, will lead to change in the budget set.</body></html>

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