What do you mean by the budget of a consumer?
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What do you mean by the budget of a consumer?
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A consumer's budget is the actual purchasing power with which he or she can buy a set of two commodities, given their prices. The quantity of Good 1 is measured horizontally, whereas the quantity of Good 2 is measured vertically. Any point that is above or below the straight line, i.e., the budget line, make up the budget set.
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