=+We have just defined what it means for a set of points to be convexit must be
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=+We have just defined what it means for a set of points to be convex—it must be the case that any line connecting two points in the set is fully contained in the set as well. In Chapter 4, we defined tastes to be convex when “averages are better than (or at least as good as) extremes.” The reason such tastes are called “convex” is because the set of bundles that is better than any given bundle is a convex set. Illustrate that this is the case with an indifference curve from an indifference map of convex tastes.
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Microeconomics An Intuitive Approach With Calculus
ISBN: 9781337335652,9781337027632
2nd Edition
Authors: Thomas Nechyba
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