0
What else can I help you with?
What is budget line and show the shift in budget line?
A budget line is a locus of combination of two goods a consumer can afford to buy with his/her income.shift in a budget line can be caused by various factors like a change in individuals income
What is the definition of budget line in economics?
A budget line is a line showing the alternative combinations of any two goods that a consumer can afford at given prices for the goods and a given level of income.
Why do price changes cause a budget line to pivot while income changes cause a budget line to shift in a parallel line?
Price changes cause a budget line to pivot because they alter the relative price of goods, affecting the trade-off between them while keeping income constant. This results in a change in the slope of the budget line, reflecting the new prices. In contrast, income changes lead to a parallel shift of the budget line because they increase or decrease the consumer's purchasing power uniformly across all goods, maintaining the same trade-off ratio. Thus, the entire budget line moves without changing its slope.
What is budgetline in economics?
budget line in economics can be defined as a line which shows the various combinations of two products that can be bought in a fixed or given income.the budget lie graph is a downward sloping line whose gradient shows the ratio between the prices of two goods X and Y.there will be a parallel shift in the budget line due to an increase or decrease in income!points insyd the budget line are inefficient since income is saved and outside the line they become infeasible.
How changes in income and price affect the budget line?
Changes in income and price shift the budget line in a consumer's budget constraint. An increase in income shifts the budget line outward, allowing consumers to purchase more of both goods, while a decrease in income shifts it inward. Conversely, if the price of one good decreases, the budget line pivots outward from that good's intercept, allowing consumers to buy more of it while still purchasing the other good. Conversely, if the price increases, the budget line pivots inward, reducing the quantity of that good consumers can afford.
What information is embodied in a budget line?
A budget line embodies key financial information, including the allocation of resources to various categories or departments, projected income, and anticipated expenditures. It reflects priorities by showing how funds are distributed across different areas, such as operating costs, capital projects, and personnel expenses. Additionally, it serves as a tool for monitoring financial performance and ensuring that spending aligns with strategic goals. Overall, the budget line provides a clear picture of the organization’s financial planning and constraints.
What was the Production Budget for On the Line?
The Production Budget for On the Line was $10,000,000.
What was the Production Budget for Walk the Line?
The Production Budget for Walk the Line was $29,000,000.
What was the Production Budget for In Her Line of Fire?
The Production Budget for In Her Line of Fire was $1,000,000.
What is budget line and show the shift in budget line?
A budget line is a locus of combination of two goods a consumer can afford to buy with his/her income.shift in a budget line can be caused by various factors like a change in individuals income
What is a line budget?
A budget clothing line is a clothing line that is set out in stores for people who are trying to stay within a reasonable price from the budget that they are trying to follow.
What is a budget clothing line?
A budget clothing line is a clothing line that is set out in stores for people who are trying to stay within a reasonable price from the budget that they are trying to follow.
What was the Production Budget for The Thin Red Line?
The Production Budget for The Thin Red Line was $52,000,000.
What is the budget of Security Information Service?
The budget of Security Information Service is 49,584,953 dollars.
What is the budget of Energy Information Administration?
The budget of Energy Information Administration is 95,400,000 dollars.
How will an increase in income affect the budget line?
if the consumer`s income changes it will influence the budget line and it will shift to the right.
A point to the left of a budget line is?
A point to the left of a budget line is commonly a tradeoff. But a point to the right is an opportunity cost.
