No Free Butterflies

Same-expiry European calls on an airline stock trade at prices c1,c2,c3 c_1, c_2, c_3 for strikes K1<K2<K3 K_1 < K_2 < K_3 , where the strikes are equally spaced: K3−K2=K2−K1 K_3 - K_2 = K_2 - K_1 . Using only a no-arbitrage argument, show that c2≤c1+c32 c_2 \le \frac{c_1 + c_3}{2} , and state the corresponding inequality for European puts.

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