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2. [Translating English to Math] Consider R? = R. x R. and call it the space of consumption bundles. A consumption bundle (z, y) E
2. [Translating English to Math] Consider R? = R. x R. and call it the space of consumption bundles. A consumption bundle (z, y) E R' is a pair of choices that an individual can make of two goods, X and Y. Assume that an individual faces prices px > 0 and py > 0 in the market place for the two goods X and Y and has income / > 0 that she could spend on the two goods. Feasibility demands that the amount spend on the goods (expenditure from purchase of goods X and Y) cannot exceed income /. The set of all feasible consumption bundles is called the Budget Set. Using the notation of set theory from the lecture notes write the budget set, B for an individual that faces prices pr > 0, py > 0 and has income / > 0
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