Question

What is budget set? On what factors does the budget set of a consumer depend?​

Answer 1

Answer:

Position of the budget line depends on two factors namely, income of the consumer and prices of the two goods. If prices of two goods remain unchanged, then with an increase in income, budget line of the consumer shifts to the right and vice versa.

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Answer 2

Answer:

A budget set represents those combinations of consumption 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

Position of the budget line depends on two factors namely, income of the consumer and prices of the two goods. If prices of two goods remain unchanged, then with an increase in income, budget line of the consumer shifts to the right and vice versa. Similarly, if income of the consumer remains unchanged, the budget line will shift to the right when there is a proportionate fall in the prices of both goods X and Y and vice versa. Thus, if the prices of both goods X and Y are reduced to half, the budget line will shift to the right showing twice the possible purchase of X and Y than before.

income of consumer 2. price of commodities 3. quantities of commodities

Explanation:

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