How does Magic Find affect loot drops?

According to the Wiki:
[Magic Find] Increases chance to drop high quality of items (Does not stack up with players anymore). Killing any enemy gives you +1 Passive Magic Find, which stacks up to 50, but all your Passive Magic Find is lost on death unless you have magic find in items or Patron.
However, I don't seem to find any relationship between the drops and the items I'm getting.
Maybe I just have too little Magic Find (73) to notice any differences.
Even with 125 Magic Find, as opposed to the 50 everybody's passive gives (after rammaging lots of items), I never seem to find piece of gear that has already been upgraded, or the chance of such gear increasing (has a star value on top of its rarity) or one of rarer qualities (Relics, Respendent and Shadow).
Note: To keep things consistent, I've experimented in Uber 3 difficulty for both attempts.
Best Answer
I tried doing a small scale test using my lowest magic find vs my max all on u6.
I only calculated chance of magic find occurring while opening chests. 400 magic find (my lowest) = 31 / 100 chest opened, 31% chance of magic find occurring. 601 magic find (my highest) = 38 / 100 chests opened, 38% chance of magic find occurring.
However, I do feel the need to throw this out there even though it may be completely irrelevant.
400 magic find - average loot quality lv2 shadow items. Highest drop - level 3 item.
601 magic find - average loot quality level 2 shadow items, (more than 400 magic find < the confusing part) Highest drop - level 4 item.
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Does Magic Find affect drops?
Magic Find can decrease the drop chance of Occasional(20%) drops from Slayer bosses.Does Magic Find affect item find?
Find Item is affected by Magic Find. When Find Item is used on a corpse, it gives an X% chance of doing a drop as if the monster had been killed again. The same treasure classes are used, but the chance of a successful drop is determined by the level of Find Item, not by the number of players in game.How important is magic find?
Magic Find has always been one of the most popular item attributes in Diablo. Magic find helps increase the probability that a higher quality item will drop from monsters. Magic Find helps increase the likelihood of Magic, Rare, Set and Legendary items dropping.Magic Find Bugged? - Best Way to Drop Cores (Hypixel SkyBlock)
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Answer 2
It increases your rng to get a better drop. However it is not as simple as it seems to be. First your item is generated, and then your magic find will trigger and boost its level until a certain point. So then the bigger your magic find, then the greater the chances that the quality of your drop will increase. It is also possible for one magic find to trigger another one. So your item can go forward in these cases not one but by two or three levels. But using this it's almost impossible to get a radiant in elite world because it will be rng on rng. Meaning almost zero chance to get radiant in elite world.
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