One can describe most of the world as a series of options between extremes. The question is where the value is on that spectrum - at one end, the other, or somewhere in the middle? Much of the world has a "bell curve" distribution between extremes. The general idea is there is an average value that is also where the most examples are. For example, the distribution of the heights of human men in a given region is likely to follow a bell curve distribution - more people of modest size than very tall or very short.
Demand is Convex, Profit is Concave
Demand is Convex, Profit is Concave
Demand is Convex, Profit is Concave
One can describe most of the world as a series of options between extremes. The question is where the value is on that spectrum - at one end, the other, or somewhere in the middle? Much of the world has a "bell curve" distribution between extremes. The general idea is there is an average value that is also where the most examples are. For example, the distribution of the heights of human men in a given region is likely to follow a bell curve distribution - more people of modest size than very tall or very short.