The price of shrimp is $10.00 per pound and the price of lobster is $15.00 per pound. The marginal utility to Mike of pound of shrimp consumed is 60 utils. If Mike maximizes his satisfaction by consuming both shrimp and lobster, we would expect the marginal utility of the last pound of lobster consumed to equal:

Consistency for the sample average can be defined as follows, with the exception of

A) converges in probability to . B) has the smallest variance of all estimators. C) . D) the probability of being in the range ± c becomes arbitrarily close to one as n increases for any constant c > 0.

When a good is taxed, the tax burden a. falls disproportionately on the side of the market that is more elastic

b. falls disproportionately on the side of the market that is more inelastic. c. falls disproportionately on the side of the market that is closer to unit elastic. d. is not impacted by the relative elasticities of supply and demand.