what is a budget set
Definition: The budget set is the set of bundles of goods an agent can afford. This set is a function of the prices of goods and the agents endownment. Assuming the agent cannot have a negative quantity of any good, the budget set can be characterized this way. Let e be a vector representing the quantities of the agent's endowment of each possible good, and p be a vector of prices for those goods. Let B(p, e) be the budget set. Let x be an element of R + L; that is, the space of nonnegative reals of dimension L, the number of possible goods.