“What we’ve got here is (a) failure to communicate”
(Most memorable quote from the movie Cool Hand Luke)
Here’s a scene from the movie Cool Hand Luke (1967): No man can eat 50 eggs
“If he eats one egg a minute, he’ll have ten minutes to swallow!” The classic movie Cool Hand Luke featuring the legend Paul Newman provides an ideal example of the law of diminishing marginal utility. Newman attempts to eat 50 eggs in an hour
You can easily substitute hard-boiled eggs for any other food you like and test the idea that marginal utility declines as consumption increases.
What Does Law Of Diminishing Marginal Utility Mean?
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.
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