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Ben is a 19-year-old single software inventor earning $200,000 a year and is not covered by a pension plan at work. How much can he put into a Roth IRA in 2016?
Indifference Curves
A graph that represents combinations of goods among which a consumer is indifferent, showing different levels of utility.
L-shaped
Often used to describe demand or recovery curves that have a rapid decline followed by a period of stagnation.
Utility Function
A mathematical representation of how consumers rank different bundles of goods according to their levels of satisfaction.
Bliss Point
The optimal quantity of consumption where any further increase or decrease would lead to a less preferable situation for the consumer.
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