On a big weekend of college football in 2010, the Associated Press found fans… who said they are making concessions yet determined to indulge their passion. "We basically let the wife and children not eat for a week so we can do this," joked Neil Plotkin, who was attending his first Penn State game. If Neil's marginal rate of substitution between weeks of food and his first Penn State game is 1, what do you predict the marginal rate of substitution between food and subsequent Penn State games is for Neil?

Question

Quizplus · Accepted Answer

The joke made by Neil implies that he is sacrificing the basic necessities of food for the first Penn State game, indicating a higher value for the game compared to food. Therefore, we can predict that the marginal rate of substitution between food and subsequent Penn State games will be less than one as the value of each additional game will be lower than the value of the first game.

On a Big Weekend of College Football in 2010, the Associated