Concave and convex functions of a single variable

Abstract

The twin notions of concavity and convexity are used widely in economic theory, and are also central to optimization theory. 

Definition

Let f be a function of a single variable defined on an interval. Then f is

• concave if every line segment joining two points on its graph is never above the graph
• convex if every line segment joining two points on its graph is never below the graph.

 

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