Q1 (a) If k(x,y) and l(x,y) are 2 utility functions and are quasiconcave then show m(x,y)=min...

Q1

(a) If k(x,y) and l(x,y) are 2 utility functions and are quasiconcave then show m(x,y)=min (k(x,y,),l(x,y) is also quasiconcave.

(b) Show that k(x,y) is strictly quasiconcave if and only if the preference relation (>~) is strictly convex.

Expert Solution

Rahul Sunny answered 2 years ago

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