1.Elasticity
Example- The
price of a 5-star chocolate is Rs. 5 if prices rise Rs. 10 the people consuming
5 star were sifting to the other brand which is a substitute of 5 star.
2.Law of
Demand
Example- When vegetables price is rising the consumption
of vegetables is less the previous.
3.Opportunity
cost
Example-
when we go to a KFC we choose between Choco lava cake and chicken popcorn. We
choose chicken popcorn so Choco lava cake is the opportunity cost.
4.Marginal
Utility
Example-
When we go in KFC we take Choco lava cake and chicken popcorn then we take an
extra burger. The extra burger is the marginal utility.
5.Law of
Supply
Example- When
the prices of Maggie increase the supply was also increases.
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