Question

implication of budget Line​

Answer 1

Answer:

A budget line represents the different combinations of two goods that are affordable and are available to a consumer, while being aware of his/her income-level and market prices of both the goods.

Explanation:

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Answer 2

Answer:

Budget line guides us to distribute our expenditure on various items rationally so that we are able to meet our demands of goods and services within our income. However, if entire income is not spent on consumption, we operate inside the budget line implying savings. (Ideally saving is a virtue)

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