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Convex function on an open set has no more than one minimum. In demand it shows the elasticity is linear after some point and non linear on other points.
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∙ 11y ago
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Why is Production Possibility Curve concave to the origin?
I have never heard that the demand curve must be concave. In fact, it is most often modeled as either linear or convex. Common convex specifications include log-linear and constant-elasticity demand functions. A number of empirical papers attempt to estimate the shape of the demand curve for specific products but I am not familiar with anyone concluding that demand is concave generally.
What is the opposite of Convex?
The opposite of convex is concave. Concave shapes have an inward curve, while convex shapes have an outward curve.
In which direction does a convex lens bend?
Convex lenses protrude or curve out, concave lenses curve in, like a cave...
What do convex lens look like?
Convex lens curve outwards.
Describe convex lens what do they do and how do they curve?
Convex lenses makes an object appear larger and closer. They curve inwards toward the center.
True or False the steeper the demand curve the less elastic the demand curve?
It is false that the steeper the demand curve the less elastic the demand curve. The steeper line is used in economics to indicate the inelastic demand curve.
Is a demand curve created from a demand schedule?
The data on a demand schedule can be plotted on a demand curve. Often, a demand schedule will be created before the creation of a demand curve, so as to allow for greater accuracy when plotting the demand curve.
What the primary difference between aggregate demand curve and individual demand curve?
aggregate demand curve is the total sum of all the individual demand curves while individual demand curve is the demand made by the single individual.
Is an increase in demand represented by a movement up the demand curve?
An increase in demand is represented by a shift of the demand curve to the right; not a movement along the demand curve. An increase in the quantity demanded would be a movement down the demand curve.
What is a demand curve and how it is different from demand function?
The demand curve demonstrates what happens when a product is demanded by customers. A demand function refers to an event that can affect the demand curve.
Intuitive derivation of individual demand curve using marginal utility?
how is a demand curve derived from individual demand curve ?
Market demand curve?
the market demand curve is the curve related to the demand of the commodity demanded by the group of people to the at different price.
