NCERT Solutions Class 12 Economics Consumer Equilibrium

NCERT Solutions Class 12 Economics Consumer Equilibrium. NCERT book for Economics in class 12 is strongly recommened by teachers and the CBSE and NCERT boards. Please download the NCERT solutions for class 12 Economics free in PDF made by teachers of the best schools in India. These solutions are carefully compiled to give detailed understanding of the concepts and also steps of solutions. The NCERT solutions are free to download in pdf format. Please refer to the download link below to download the pdf file and also refer to other chapters and subjects to get the solutions to Economics NCERT book questions and exercises.

Question 1. What do you mean by the budget set of a consumer?
                               Or
Define Budget Set. [CBSE 2011, 13] 
Answer:  Budget set is the collection of all bundles of goods that a consumer can buy with his income at the prevailing market prices.

Question 2. What is Budget Line? [CBSE 2011, 13, 11C, A1 10]
Answer: Budget line is a graphical representation which shows all the possible combinations of the two goods that a consumer can buy with the given income and prices of commodities. It is also called consumption possibility line.

Question 3. Explain why budget line is downward sloping?
                                      Or
Why is budget line negatively sloped? [CBSE 2011 C]
Answer: ‘Budget line is downward sloping because if a consumer wants to buy more of one commodity, he has to buy less of other goods, given money income.

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