Question

Explain briefly the concept of consumer budget

Answer 1

A consumer budget is the real purchasing power with which he can purchase quantities of two goods, given their prices.

It is he balance of income and expenditures of a family, which characterizes the established or calculated living standard of various groups of workers’ families. It shows family income according to sources of revenue and expenditures according to their purpose.

Answer 2

OR

Consumer Budget :

Consumer Budget is nothing but "a consumer has capacity to buy /purchasing the goods in any cost.