(Solution Library) Let m(α, y) be defined as the minimum of α x subject to f(x) ≥q y, where α, x ∈ R_++^n, y ∈ R_+, and f(x)
Question: Let \(m(\alpha, y)\) be defined as the minimum of \(\alpha \mathrm{x}\) subject to \(f(\mathrm{x}) \geq y\), where \(\alpha, \mathrm{x} \in R_{++}^{n}\), \(y \in R_{+}\), and \(f(\mathrm{x})\) is strictly monotonic increasing and quasi-concave. Prove that \(m(\alpha, y)\) is
- homogeneous of degree one in \(\alpha\), (ii) nondecreasing in \(\alpha\) and \(y\), and (iii) concave in \(\alpha\).
Deliverable: Word Document 
(Steps Shown) In the context of the usual utility maximization
(Solution Library) Consider the problem of maximizing the utility
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