How does the Budget Line Equation Calculator work?
Free Budget Line Equation Calculator - Solves for any one of the 5 items in the standard budget line equation:
Income (I)
Quantity of x = Qx
Quantity of y = Qy
Price of x = Px
Price of y = Py
This calculator has 5 inputs.
Income (I)
Quantity of x = Qx
Quantity of y = Qy
Price of x = Px
Price of y = Py
This calculator has 5 inputs.
What 1 formula is used for the Budget Line Equation Calculator?
I = Qx x Px + Qy x Py
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What 6 concepts are covered in the Budget Line Equation Calculator?
- budget
- an estimate of income and expenditure for a set period of time. In economics, a budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income.
- budget line equation
- Equation showing all the combinations of goods and services that a consumer may purchase given current prices within his or her given income
I = PxQx + PyQy where I = Income, P denotes price, Q denotes quantity - equation
- a statement declaring two mathematical expressions are equal
- income
- the amount of money, property, and other transfers of value received over a set period of time in exchange for services or products.
- price
- the amount of money expected, required, or given in payment for something
- quantity
- amount of something
Example calculations for the Budget Line Equation Calculator
Budget Line Equation Calculator Video
