Discuss the law of diminishing returns as it relates to attending games. Baseball, given the number...
Discuss the law of diminishing returns as it relates to attending games. Baseball, given the number of games per year, may be easiest to use. (Economics of Sports)
Homework Answers
Law of diminishing returns states that marginal utility falls as the consumer increases the consumption of the good.
Similarly, Marginal utility from attending games decreases as one keeps on going to the games.
There are number of Baseball games in a year. You are most willing to attend the very first game. As you start attending the game, the happiness you get from it is lower than the first one. The increase in utility from attending the games is decreasing.
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Discuss the law of diminishing returns as it relates to
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