Economy, asked by sushilrawat2161, 6 months ago

Difference between indifference set and budget set

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Answered by s02371joshuaprince47
0

Answer:

A budget line shows combinations of two goods a consumer is able to consume, given a budget constraint. An indifference curve shows combinations of two goods that yield equal satisfaction. To maximize utility, a consumer chooses a combination of two goods at which an indifference curve is tangent to the budget line.

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