The Law of diminishing utility.
A law of economics stating that as a person increases consumption of a
product - while keeping consumption of other products constant - there is a
decline in the marginal utility that person derives from consuming each
additional unit of that product.
This is the premise on which buffet-style restaurants operate. They
entice you with "all you can eat," all the while knowing each additional
plate of food provides less utility than the one before. And despite their
enticement, most people will eat only until the utility they derive from
additional food is slightly lower than the original.
For example, say you go to a buffet and the first plate of food you
eat is very good. On a scale of ten you would give it a ten. Now your hunger
has been somewhat tamed, but you get another full plate of food. Since
you're not as hungry, your enjoyment rates at a seven at best. Most people
would stop before their utility drops even more, but say you go back to eat
a third full plate of food and your utility drops even more to a three. If
you kept eating, you would eventually reach a point at which your eating
makes you sick, providing dissatisfaction, or 'dis-utility'.
----- Original Message -----
From: "Paul Cundell" <[EMAIL PROTECTED]>
To: "Steve Gillen" <[EMAIL PROTECTED]>; "Leeds List"
<[email protected]>
Sent: Friday, November 09, 2007 5:38 PM
Subject: Re: [LU] Non Non LU:: Leeds United mentioned
> Steve G was pleased to recall:-
>
>> An Economics Law - "The Law of Diminishing Marginal Utility" would be the
>> one I think?
>
> Is that similar to the Law of Diminishing Return or am I getting my
> subjects mixed up?
>
> Paul
>
>
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> DELETE THE FOOTERS WHEN REPLYING YOU LAZY SODS!!!!
> DELETE THE FOOTERS WHEN REPLYING YOU LAZY SODS!!!!
_______________________________________________
the Leeds List is an unmoderated mailing list and the list administrators
accept no liability for the personal views and opinions of contributors.
Leedslist mailing list
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http://list.zetnet.co.uk/mailman/listinfo/leedslist
DELETE THE FOOTERS WHEN REPLYING YOU LAZY SODS!!!!
DELETE THE FOOTERS WHEN REPLYING YOU LAZY SODS!!!!
