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April 18, 2015

Homework Help: Economics

Posted by Kayla on Sunday, February 4, 2007 at 5:04pm.

Why do people routinely stuff themselves at all-you-can-eat buffets? Explain in terms of both utility and demand theories.

At any level, the marginal cost of take another bite at an all-you-can-eat place is zero. In terms of utility, a person should therefore consume until the marginal utility from eating is zero, "e.g., stuffed" From a demand point of view, people will consume where their own demand curve crosses the x-axis (0 price)

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