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It's unclear if she chews but there's definitely some inhaling going on. This, the movie tells us, is the breakfast of "smart, fat girls*" Andy hasn't yet learned that she should be counting almonds or nibbling on a cube of cheese or seeking a stomach flu.
*As comically deranged as it is to call Anne Hathaway a "smart fat girl" aren't we glad that the movies took a chance on her? [Hathaway for the win!]