Not an easy concept. Basically, it means a weighted average of two different bundles is at least as good as each of those bundles. For example: Lets say we have two bundles. Bundle A and Bundle B and they are both on the same indifference curve. If we make a new bundle, call it bundle C which is 50% of bundle A and 50% of bundle B, then bundle C is at least as good as bundle A or B (i.e. on the same indifference curve or a higher one). Strictly convex means that an average of two bundles is better than either of the two bundles...hope that is somewhat helpful...not sure it is!
Damn you're writing backwards that is so impressive. And thanks for the vid it really helped
On Convex am lost 😮
Not an easy concept.
Basically, it means a weighted average of two different bundles is at least as good as each of those bundles.
For example: Lets say we have two bundles. Bundle A and Bundle B and they are both on the same indifference curve. If we make a new bundle, call it bundle C which is 50% of bundle A and 50% of bundle B, then bundle C is at least as good as bundle A or B (i.e. on the same indifference curve or a higher one).
Strictly convex means that an average of two bundles is better than either of the two bundles...hope that is somewhat helpful...not sure it is!