Question

what is algebraic expression of budget line​

Answer 1

Answer:

The preference-indifference pattern of the consumer based on the axioms of preferences. The indifference map of the consumer shows that the points lying on any particular IC give the consumer the same level of utility. It also shows that the points lying on a higher IC give the consumer a higher level of utility than the points on a lower IC.

Therefore, the points on the former curve are strictly preferred to the points on the latter curve. The consumer would always want to climb up on a higher IC because then he would be able to obtain a higher level of utility. But the real world consumer is constrained by his income or budget.

Explanation:

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Answer 2

Explanation:

The equation of the budget line would be:

Since px and py are constants, is a linear equation in x and y, i.e., it is the equation of a straight line in a two dimensional commodity space. The budget line gives us the combinations of x and y that the consumer can purchase with his fixed money income