Math Problem Statement
Consider a utility function U (X1,x2,…Xn) = min (X1,…Xn), where the quantity of X1,…X! consumption good is denoted by ∈ R1+. Is this utility function (strictly) concave and/or (strictly) quasiconcave? How about the function (1 2 ) = max (1 2 )?
Solution
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Math Problem Analysis
Mathematical Concepts
Utility functions
Concavity
Quasiconcavity
Formulas
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Theorems
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Suitable Grade Level
Advanced Undergraduate
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