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Budget

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AP Microeconomics

Definition

The amount of money available to spend on goods and services.

"Budget" also found in:

Practice Questions (4)

If the budget given to Emily for clothing is $60, and the MU/P of a shirt is 8 and the MU/P of a pair of jeans is 6, what combination of shirts and jeans should Emily purchase to maximize her utility?
If Maria has a budget of $30 to spend on books and pens, and the MU/P of a book is 5 and the MU/P of a pen is 3, what combination of books and pens should Maria purchase to maximize her utility?
If Mark has a budget of $50 to spend on pizzas and burgers, and the MU/P of a pizza is 10 and the MU/P of a burger is 8, what combination of pizzas and burgers should Mark purchase to maximize his utility?
Jennifer has a budget of $40 to spend on skirts and blouses. The MU/P of a skirt is 7 and the MU/P of a blouse is 5. What combination of skirts and blouses should Jennifer purchase to maximize her utility?

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