explanation of budget line?
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A graphical depiction of the various combinations of two selected products that a consumer can afford at specified prices for the products given their particular income level. When a typical business is analyzing a two product budget line, the amounts of the first product are plotted on the horizontal X axis and the amounts of the second product are plotted on the vertical Y axis.
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Budget line is the graphical representation of all possible combinations of two goods which can be purchased with the given income and prices .
Such that the cost of each of these
combinations is equal to the income of
the consumer .
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