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Fact 8.4.1 Eating Away the Innings in Baseball's Cheap Seats
Baseball and gluttony, two of America's favourite 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
-Refer to Fact 8.4.1. Setting personal records for eating can be reconciled with marginal utility theory
A)only if there is a money price assigned to the record.
B)only if the price of ballpark food decreases for each subsequent purchase made by a fan in the all-you-can-eat seats.
C)if we also assign utility values to gaining the record.
D)if we eliminate the principle of diminishing marginal utility.
E)by considering the paradox of value.

Question

Quizplus · Accepted Answer

Marginal utility theory suggests that the satisfaction obtained from consuming a good or service decreases as more of it is consumed, leading to diminishing marginal utility. However, if consuming more of the good or service provides additional utility due to social or psychological factors such as setting a personal record, then marginal utility theory can still hold true if we assign utility values to gaining the record. Therefore, choice C is the best answer as it aligns with the principles of marginal utility theory.

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