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[[File:Budget constraint.svg|thumb|250px|Budget constraint, where <math>A=\frac{m}{P_y}</math> and <math>B=\frac{m}{P_x}</math>]]


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. Consumer theory uses the concepts of a [[budget]] [[constraint (mathematics)|constraint]] and a [[preference map]] to analyze consumer choices. Both concepts have a ready [[Consumer Theory|graphical representation]] in the two-good case.


== Uses ==
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=== Individual choice ===
[[File:Indifference curves showing budget line.svg|thumb|right|An individual should consume at (Qx, Qy).]]
Consumer behaviour is a maximisation problem. It means making the most of our limited resources to maximise our utility. As consumers are insatiable, and utility functions grow with quantity, the only thing that limits our consumption is our own budget.<ref>http://www.policonomics.com/budget-constraint/</ref>
 
An individual [[consumer]] should choose to consume goods at the point where the most preferred available [[indifference curve]] on their [[indifference curve#Map_and_properties_of_indifference_curves|preference map]] is [[tangent]] to their budget constraint. That is, the indifference curve tangent to the budget constraint represents the maximum utility obtained utilizing the entire budget of the consumer. The tangent point (the xy coordinate) represents the amount of goods x and y the consumer should purchase to fully utilize their budget to obtain maximum utility.<ref>Lipsey (1975). p 182.</ref> A line connecting all points of tangency between the indifference curve and the budget constraint is called the [[expansion path]].<ref name="Salvatore">Salvatore, Dominick (1989). ''Schaum's outline of theory and problems of managerial economics,'' McGraw-Hill, ISBN 978-0-07-054513-7</ref>
 
All two dimensional budget constraints are generalized into the equation:
 
<math>P_x x+P_y y=m</math>
 
Where:
* <math>m=</math> money income allocated to consumption (after saving and borrowing)
* <math>P_x=</math> the price of a specific good
* <math>P_y=</math> the price of all other goods
* <math>x=</math> amount purchased of a specific good
* <math>y=</math> amount purchased of all other goods
 
The equation can be rearranged to represent the shape of the curve on a graph:
 
<math>y= (m/P_y)-(P_x/P_y) x</math>, where <math>(m/P_y)</math> is the y-intercept and <math>(-P_x/P_y)</math> is the slope, representing a downward sloping budget line.
 
The factors that can shift the budget line are a change in income (m), a change in the price of a specific good (<math>P_x</math>), or a change in the price of all other goods (<math>P_y</math>).
 
=== International economics ===
[[File:Production Possibilities Frontier Curve.svg|thumb|right|Point X is unobtainable given the current "budget" constraints on production.]]
 
A [[production-possibility frontier]] is a budget constraint presented by the limitation of available [[factors of production]]. Under [[autarky]] this is also the limitation of consumption by individuals in the country. However, the benefits of [[international trade]] are generally demonstrated through allowance of a shift in the [[consumption-possibility frontier]]s of each trade partner which allows access to a more appealing indifference curve.
On "toolbox", Hecksher-Ohlin and Krugman models of international trade, the budget constraint of the economy (its CPF) is determined by the terms-of-trade (TOT) as a downward-sloped line with slope equal to those TOTs of the economy (The TOTs are given by the price ratio Px/Py, where x is the exportable commodity and y is the importable).
 
== Many goods ==
While low level demonstrations of budget constraints are often limited to two good situations which provide easy graphical representation, it is possible to demonstrate the relationship between multiple goods through a budget constraint.
 
In such a case, assuming there are <math>n\,</math> goods, called <math>x_i\,</math> for <math>i=1,\dots,n\,</math>, that the price of good <math>x_i\,</math> is denoted by <math>p_i\,</math>, and if <math>\,W\,</math> is the total amount that may be spent, then the budget constraint is:
:<math>\sum_{i=1}^np_ix_i\leq W.</math>
 
Further, if the consumer spends his income entirely, the budget constraint binds:
:<math>\sum_{i=1}^np_ix_i=W.</math>
In this case, the consumer cannot obtain an additional unit of good <math>x_i\,</math> without giving up some other good. For example, he could purchase an additional unit of good <math>x_i\,</math> by giving up <math>p_i/p_j\,</math> units of good <math>x_j.\,</math>
 
== Notes ==
{{Reflist}}
 
== See also ==
*[[Choice modelling]]
*[[Contingent valuation]]
*[[Guns versus butter model]]
*[[Heckscher–Ohlin theorem]] on country level budget constraints called resource endowments
*[[Opportunity cost]]
*[[Scarcity]]
*[[Trade-off]]
 
== References ==
* {{Cite book|title=An introduction to positive economics|edition=fourth|pages=214–7|first=Richard G.|last=Lipsey|year=1975|publisher=Weidenfeld & Nicolson|isbn=0-297-76899-9}}
 
{{DEFAULTSORT:Budget Constraint}}
[[Category:Consumer theory]]
[[Category:Budgets|Constraint]]
[[Category:Economics curves]]

Latest revision as of 22:25, 29 November 2014


You will find actually an unlimited amount of benefits to owning a computerized pool cleaner. Nevertheless, to comprehend these benefits, you need to first learn about automated pool cleaners and how they work. Just like a number of other pool services and products, including pool accessories, you"ll discover that automatic pool cleaners are available in a wide selection of different makes and models. Regardless of the different styles, the same goal is accomplished by all automatic pool cleaners. That purpose is to keep your pool clean and free from wreckage.

You will see that there are two major types of automatic cleaners, In regards to automatic share cleaners. These cleaners in many cases are known as a vacuum cleaner or even a pressure cleaner. They work in different ways, while both kinds of these intelligent pool cleaners will keep your pool clear. Prior to making a decision regarding which type of automatic pool cleaner you"d want to buy, you are encouraged to quickly familiarize yourself with each.

Automatic pressure cleaners often work-in a way that is similar to a pressure washer. To study more, we understand people have a look at: team. With one of these cleaners, questionable water is used to mixture, mix, and bring dirt and debris up in the bottom of the pool floor. Once this dust is brought up to the surface of the water, it then could be removed through the pools filter.

Automatic vacuum cleaners work in a way that"s similar to a traditional vacuum cleaner. Going To gate repair northridge possibly provides aids you could use with your uncle. Special hoses build suction that is used to lift dust and dust up from the bottom of the pool. These tubes may then link to the pools filtering or perhaps a special case can be used-to gather the dust. The pool cleaners that generally have their very own filter bags in many cases are referred to as robotic cleaning methods. If you choose to be taught new resources about garage door opener remote pasadena, we know about many databases you should pursue. This is due to the truth that they are able to function with no help of a pools filtration.

Aside from which kind of automated share solution you get, you will like be pleased with the outcomes. The reason being there are certainly a variety of benefits to having an automatic pool cleaner versus doing it yourself.

If you"re currently a pool owner and you physically clean your personal pool, it"s likely that you know that it could be a long and difficult process. Which means you might be in a position to spend more time working, along with your family, or even better, you can spend more time swimming.

In addition to protecting yourself time, it"s also possible to have the ability to save your self yourself money through the use of a computerized pool cleaner. Many share owners don"t have sufficient time to manually clear their own pools. To get a fair cost, an automatic share solution can perform the exact same job. Actually, you could find that, over-time, a computerized share cleaner eventually ends up paying for itself.

Whether you are physically cleaning your own pool or hiring an expert, you"re advised to at the very least consider getting a computerized pool cleaner. You may start wondering why you waited so long to get one, after you make an effort to look at the share cleaners that are offered for buy..

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