An increase in Todd's wealth from $2 million to $4 million raises his utility from 400 units to 500 units. If he has a utility of wealth curve with the typical shape showing risk aversion, then with a wealth of $6 million his utility might be

In the above figure, income is $8, the price of a soft drink is $1, and the initial price of a milkshake is $2. If the price of a milkshake decreases to $1, milkshakes are revealed to be

A) an inferior good. B) a normal good. C) less preferred than soft drinks. D) None of the above answers is correct.

Which of the following would be considered leisure?

a. picking strawberries for your own use b. running a 10-mile training session c. studying for a college mathematics class d. changing the oil and oil filter on your car e. weeding your garden