Question

Difference between budget set and budget line.

Answer 1

Answer: Budget Set: Budget set refers to the attainable combinations of a set of two goods, given prices of the goods and income of the consumer. ... Similarly, if income of the consumer remains unchanged, the budget line will shift to the right when there is a proportionate fall in the prices of both goods X and Y.
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Answer 2

Budget Set: Budget set refers to the attainable combinations of a set of two goods, given prices of the goods and income of the consumer. ... Similarly, if income of the consumer remains unchanged, the budget line will shift to the right when there is a proportionate fall in the prices of both goods X and Y.

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