Question B.3 Consider the minimization problem M(p, y) = min -U(x) s.t. p1 . C1 + ... + Pn . In Sy where U :
Question B.3 Consider the minimization problem M(p, y) = min -U(x) s.t. p1 . C1 + ... + Pn . In Sy where U : R" - R is continuous. Prove that the function M(p, y) : Rx x R+ - R is quasi-concave. Hint: the subscript + means that all elements of a vector are non- negative and at least one is strictly larger than zero
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