Question

difference between budget set and budget line?

Answer 1

Budget set:

In the given income of a consumer, all the variety of goods that an individual can buy within his income is the budget set. Example variety of cosmetic or food products that a person can buy in his income

Budget line:

In a given income, all the bundles which cost equal to his income is the budget line. Such as his income is Rs 100 and he can buy 2 pack of good of Rs 100 exactly 

Answer 2

Explanation:

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