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Let there be two goods 1 and 2. Let x 1 and x 2 denote their respective quantities. (x 1 ,x 2 ) represents a
Let there be two goods 1 and 2. Let x1 and x2 denote their respective quantities. (x1,x2) represents a bundle. Suppose a consumer's preference over bundles in R+z can be represented by the utility function U(x1,x2) = min(x1,2x2). Prove that the consumer's preferences over bundles in R+z are convex by proving that the utility function is quasiconcave in R+z.
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