Producer Behaviour - The opportunity set or Budget Constraint
6 important questions on Producer Behaviour - The opportunity set or Budget Constraint
The model that underlines all individual purchase decisions, which in turn add up to the demand curves, is called:
A bundle of goods is:
A budget constraint is:
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In addition to being able to buy any of the bundles along her budget line, the consumer is also able to purchase any bundle that lies within the budget triangle bounded by it. The bundles in or within the budget triangle are also referred to as the:
The slope and the position of the budget constraint are fully determined by:
- the prices of the respective goods (when the prices of the goods change in the same proportion, the opportunity cost of one good in terms of the other remains the same as before. The slope of a budget constraint tells us only about relative prices, nothing about the prices in absolute terms)
When we have more than three goods, the budget constraint becomes what mathematicians call a hyperplane or multidimensional plane. This is difficult to represent geometrically. That is why we use a composite good:
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
