Budget set and budget line are two sides of the same coin. True or false
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This statement is false. Buget line and buget set are different concepts:
BUDGET LINE: A budget line shows all the combinations of 2 goods that a consumer can buy, given his income and prices of the 2 goods.
BUDGET SET: A budget set is the set of bundles of goods available to a consumer.
BUDGET LINE: A budget line shows all the combinations of 2 goods that a consumer can buy, given his income and prices of the 2 goods.
BUDGET SET: A budget set is the set of bundles of goods available to a consumer.
kavyaphophaliaKeti:
Thanks
But two sides of coin mean different concepts then dont you think it should be true?
yeh....you r right.....i have written wrong
Well its a bit confusing. Our teacher says its true but im not convinced with the reason. What do u think
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