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12th Class Economics Solved Paper - Economics 2015 Delhi Set-II

  • question_answer
    Give equation of Budget Set.

    Answer:

    The budget set or the consumption bundles available to the consumer will be governed by the following inequality condition:
                \[{{P}_{1}}{{x}_{1}}+{{P}_{2}}{{x}_{2}}\le M\]                   (Budget Constraint)
    where,
                \[{{x}_{1}}\] = Quantity of good 1
                \[{{x}_{2}}\] = Quantity of good 2
                \[{{P}_{1}}\] = Price of good 1
                \[{{P}_{2}}\] = Price of good 2


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