Though these answers aren't bad, they are just speculation and they don't answer the OP's question.
blah blah blah
This is definitive and does answer his question.
MF Diminishing Returns Formulae
Uniques: Final MF = (MF*250)/(MF+250) ; cannot exceed 250
Set Items: Final MF = (MF*500)/(MF+500) ; cannot exceed 500
Rares: Final MF = (MF*600)/(MF+600) ; cannot exceed 600
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