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A define the convexity axiom b if preferences are not

Question 1.

A. Define the convexity axiom.

B. If preferences are NOT convex, what does this imply about indifference curves?

C. What will be the typical consumption behavior of people whose preferences are not convex? Provide an intuitive explanation for this result.

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Business Economics: A define the convexity axiom b if preferences are not

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Business Economics: A define the convexity axiom b if preferences are not

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