3. Competive budget Consumption set X and it's price p C R With the wealth w>0 > Definition: Walras(competive) budget set B(p,w)={x∈:pX≤w Proposition: if X is concave, then is B(p, w) lecture for Chu Kechen Honors Collegelecture4 for Chu Kechen Honors College 3.Competive budget ➢ Consumption set X and it’s price with the wealth w>0. ➢ Definition: Walras (competive) budget set ➢ Proposition4: if X is concave, then is n p   ( , ) { : } n B w w p x p x =    + B w ( , ) p