Question

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what is budget set? Explain what can lead to change in budget set?


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Answer 1

Answer:

A budget set can change when: The money income of a consumer changes. If money income increases, a consumer can buy more of both goods. The reverse happens if money income decreases. ... At higher prices, less quantity of a good can be bought and hence the consumer preference will change.

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Answer 2

Answer:

A budget set represents those combinations of consumers bundles that are available to the consumer given his/her income level and at the existing market prices. In other words, it represents those consumption bundles that the consumer can purchase using his/her money income (M).

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