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in Consumers Equilibrium by (63.7k points)

What do you mean by budgetary constraints?

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The limitedness of income acts as a constraint on the utility maximizing behaviour of the consumer, this is known as Budgetary Constraint. The budgetary constraint, assuming a two-commodity model, may be expressed as.
Px Qx + Py Qy = M
Where Px and Py are prices of X and Y respectively, and Qx and Qy are their respective quantities, and M is consumer’s money income.

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