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प्रश्न
Explain the distinction between budget set and budget line.
फरक स्पष्ट करा
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उत्तर
| Basis of Difference | Budget line | Budget set |
|---|---|---|
| Meaning | Bundles costing exactly the consumer’s income | All affordable bundles costing no more than the income |
| Expenditure | Equal to income | Less than or equal to income |
| Location | Lies on the boundary line | Lies on or below the budget line |
| Equation | `(P_X X+P_Y Y=M)` | `(P_X X+P_Y Y\leq M)` |
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