Explain briefly the concept of consumer budget
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A consumer budget is the actual purchasing potential with which he or she can purchase a set of two goods, provided their prices. Now, let us contemplate a customer who has only a fixed amount of income to expend on 2 commodities. The prices of the goods are furnished in the market place.
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A consumer budget is the actual purchasing potential with which he or she can purchase a set of two goods, provided their prices. Now, let us contemplate a customer who has only a fixed amount of income to expend on 2 commodities. The prices of the goods are furnished in the market place.
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