how to determine whether a demand function is convex
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The demand function for Sprint shoes is given by
P = 24q + 1200/ q+ 20 q>0
Comment on whether this demand function is concave, convex, strictly concave, or strictly convex. Explain why and draw a rough diagram for it.
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Solution Summary
Given a demand function, I plot it out then provide a discussion regarding the convexity of the function.
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Your function is strictly convex. see attachment for explanation.
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