All-You-Can-Eat Buffet Economics

This Article is written by Elane Schwartz and I found it on econlife. It was written on January 5th of 2015. It is called All-You-Can-Eat Buffet Economics. In this article it goes on to explain how Demand adn Marginal Utility works in a Italian Buffet in New York City. I t goes on to explain later in the article that the people who paid less to eat at the Buffet were less satisfied with what they ate and gave the food a lower rating. The it describes diminishing marginal utility by saying that we tend to enjoy something the first time we get it then after that we start to enjoy less and less of the that one item. I feel that the authors point of view from this article is that even thought we might pay less for something does not really mean that we are going to feel absolutely satisfied with what we have. It even demonstrated that the people that payed 8 bucks instead of 4 bucks ended up enjoying their dinner more than the people that paid 4 bucks but the people that paid 4 ate more pizza than the ones who paid 8. From what I know from previous knowledge about Diminishing Marginal Utility if I there is a sale on reeds and they are really inconstant out of the box and I have to constantly work on them to get them to sound any better, it might have been worth it to by the more expensive reeds so that I would not have to go through the struggle of having the get them to play and i could spend more time trying to make music instead of worrying if I can get a sound or not. I feel as though this article was written beacuse in our lives today we live in a world if we can get the same product but for a cheaper price that we will be happier. But that is not always the case because typically when something is buys one get two for free or there is a product the same as another one but for a cheaper price that means that there is something wrong with that product. So most of the time it is not always a bad idea to go on ahead and buy that more expensive product so that you can get the most satisfaction out of that product.    http://econlife.com/2015/01/diminishing-marginal-utility-of-pizza-at-a-lunch-buffet/