Question B.3 Consider the minimization problem Ma y) =mgn U(x> S.t. pl-x1+...+pn-xngy Where U : R > R is continuous. Prove that the function M
Question B.3 Consider the minimization problem Ma y) =mgn U(x> S.t. pl-x1+...+pn-xngy Where U : R\" > R is continuous. Prove that the function M ( ,y) : 1R1 > R is quasiconcave. [Hint: the subscript + means that all elements of a vector are non- negative and at least one is strictly larger than zero] [20 marks]
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