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Instruction: Use the following news clip to answer Questions 1 and 2.
Solved by Expert Tutors
Question

Instruction: Use the following news clip to answer Questions 1 and 2.

Eating Away the Innings in Baseball's Cheap Seats


Baseball and gluttony, two of America's favorite pastimes, are merging, with Major League Baseball stadiums offering all-you-can-eat seats. Some fans try to "set personal records" during their first game, but by the third time in such seats they eat normally.


Source: USA Today, March 6, 2008




1. What conflict might exist between utility maximization and setting "personal records" for eating? What does the fact that fans eat less at subsequent games indicate about their marginal utility from ballpark food as they consume more?


2. How can setting personal records for eating be reconciled with marginal utility theory? Which ideas of behavioral economics are consistent with the information in the news clip?

Step-by-step answer

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Subject: Business, Economics

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