Solution-Show the difference between two consumption vectors

Show the difference between two consumption vectors

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Reference no: EM131614035

Question: A consumption vector of three goods is defined by x^→ = (x1, x2, x3), where x1, x2 and x3 are the quantities consumed of the three goods. A budget constraint is represented by the equation p^→·x^→ = k, where p^→ is the price vector of the three goods and k is a constant. Show that the difference between two consumption vectors corresponding to points satisfying the same budget constraint is perpendicular to the price vector p^→.

Reference no: EM131614035

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Show the difference between two consumption vectors

Reference no: EM131614035

Reference no: EM131614035

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