What happens if a household looses half of the income

Reference no: EM13237640

What is a budget constraint? How does a budget constraint explain consumer choices when used in conjunction with indifference curves? Explain what happens if a household looses half of their income, using a budget constraint and indifference curves in your discussion.

budget constraint is the limit on the consumption bundles that a consumer can afford. An indifference curve shows the bundles of consumption that make the consumer equally happy

Reference no: EM13237640

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