Concave function and convex function.
| Property | Concave Function | Convex Function |
|---|---|---|
| Shape | Curved downward, like an inverted bowl. | Curved upward, like a bowl. |
| Diminishing Returns | Exhibits diminishing returns to scale. | Exhibits increasing returns to scale. |
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Find out (i) the maximizing profits Explain the term Budget constraint? If the income of the consumer increases and one of the prices of the commodity decreases at the same time, will the consumer necessarily be at least as well off? Illustrate with diagram. What is utility function? Distinguish between direct utility function and indirect utility function. State the mathematical expressions of utility function of perfect substitutes and perfect compliments. Do you think that Walrasian equilibrium is Pareto optimal? Give reasons and proof in support of your answer. IGNOU NEWS Assignment Submission Last Date Extended Till 30 June 2026 Click Here★★★IGNOU June 2026 TEE Date Sheet Released Click Here★★★ Top |