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Author Question: What is a budget constraint? What will be an ideal response?[br][br][b][color=black]Question ... (Read 61 times)

james

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on: Jun 29, 2018
What is a budget constraint?
 
  What will be an ideal response?

Question 2

List six factors that influence the quantity of a good or service demanded by a household.
 
  What will be an ideal response?


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spencer.martell

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A budget constraint is the limit imposed on household choices by income, wealth, andproduct prices.

Answer to Question 2

(1) The price of the product.
(2) The income available to the household.
(3) The household's level of accumulated wealth.
(4) The prices of other products available.
(5.) The tastes and preferences of the members of the household.
(6) The household's expectations concerning future income, prices, and wealth.


james

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Reply #2 on: Jun 29, 2018
Correct answers!


spencer.martell

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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