Past exam of the mathematics course of the University of Cambridge / 2019 / ib / Paper 2 / 12E / a / ii / Solution

Choose a basis of the finite-dimensional vector space and let $|x{|}_{\infty }$ be the maximum absolute coordinate. For any norm $N$, the triangle inequality givesso $N$ is continuous in the coordinate topology. On the compact set $\{x:|x{|}_{\infty }=1\}$, the positive continuous function $N$ attains a positive minimum $m$ and a finite maximum $M$. By absolute homogeneity,This proves the equivalence of norms in finite dimensions: every norm is equivalent to the maximum norm, and transitivity of these inequalities proves that any two norms on a finite-dimensional vector space are Lipschitz equivalent.