How does the Budget Line Equation Calculator work?
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.
What 1 formula is used for the Budget Line Equation Calculator?
What 5 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
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
