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2010-09-24
The numeraire
    "Pegging the price of one of the goods or income to 1 and adjusting the other price and income appropriately doesn't change the budget at all"   Why doesn't the budget change?I don't understand the reason though I know the foemula,do you?
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2010-9-24 15:06:05
maybe normal budget in terms of money is decreased or increased ;but actual budget in terms of  real goods is still the same as befor divided by the numeraire you refer to
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