Consumer’s Budget- Budget set and Budget Line - Explained with Animated Examples

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Consumer Budget including budget set and budget line refers to the actual buying capacity of a buyer with which he can purchase a combination of commodities at given prices. It is represented by the budget set and budget line. The indifference curve and consumer budget are used to determine the consumer’s equilibrium.
What is Consumer Budget?
A consumer’s budget is the real purchasing power of the consumer with which he can purchase a combination of two goods, given their prices. It shows the combinations of goods and services which a consumer can buy with his limited income.
For instance, suppose a customer has a fixed income portion to spend on two commodities. The prices of both commodities are fixed in the market. He will choose the best among the combination of two goods giving him maximum satisfaction. Given his fixed income and cost of commodities in the market, the customer can manage to buy the combination of goods which yields more utility to him as compared to the price paid.
Consumer Budget includes:
1. Budget Set
2. Price or Budget Line
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