Budget Constraint
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- Words: 174
- Pages: 3
Budget constraint BUDGET Budget is Planning of your expenses according to your Income. It limits the options which we choose.
Benefits Measured in Utils Amount
Utils from Shirts
Utils from Hamburgers
1
11
8
2
20
15
3
27
21
4
31
26
5
32
30
•The table gives an example by using by an imaginary measurement cal utils. •1 shirt & 3 hamburgers gives 32 utils. •5 shirts also gives 32 utils.
A Utility Function Number of . Shirts
. .
5
32
40
4
31
39
3
27
35
42
2
20
28
35
41
1
11
19
26
32
37
0
0
8
15
21
26
0
1
2
47
53
58
62
46
52
57
61
48
53
57
46
50
3
41 30 4
Number of Hamburgers •The budget constraint limits the person to have only 5 items. •The red numbered boxes are in the affordable region, and the blue one is the not affordable region •3 shirts & 2 hamburgers gives 42 utils which is the maximum.
5
Benefits Measured in Utils Amount
Utils from Shirts
Utils from Hamburgers
1
11
8
2
20
15
3
27
21
4
31
26
5
32
30
•The table gives an example by using by an imaginary measurement cal utils. •1 shirt & 3 hamburgers gives 32 utils. •5 shirts also gives 32 utils.
A Utility Function Number of . Shirts
. .
5
32
40
4
31
39
3
27
35
42
2
20
28
35
41
1
11
19
26
32
37
0
0
8
15
21
26
0
1
2
47
53
58
62
46
52
57
61
48
53
57
46
50
3
41 30 4
Number of Hamburgers •The budget constraint limits the person to have only 5 items. •The red numbered boxes are in the affordable region, and the blue one is the not affordable region •3 shirts & 2 hamburgers gives 42 utils which is the maximum.
5
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