situation1
increased usage of combination of skilled labour and technology is believed to result in increased output in manufacturing industries.
economic concept in this situation ; Increased returns to scale
increased returns to scale
if all inputs are doubled output, will also increase at the faster rather than doubled
justification
when the skilled labour and technology is increased then there is an result in increase in the output of products.then both are increasing proportionately.
situation 2
three prospective locations for a large retail outlet location A offers 750 net benefit units, location B offers 900 net benefit units & location C offers 850 net benefit units.
economic concept in this situation : opportunity cost
opportunity cost
it is the best alternative forgone
justification
it says that location B is offerging more when compared to other two locations. so that the retailer will take the high benefit units from location B.
situation 3
theatre artistes / performers performing in multiple cities/events.
economic concept in this situation is mobility of inputs
mobility of inputs
there is transfer for the goods or services. then it will be available without any scarce at low cost when compared.
justification
there is transfer for the artists it means there is mobility when they change the place and getting more money.
situation4
often, unseasonal price fluctuations are observed in the case of fruits.
economic concept in this situation : price mechanism
this concept explains that there will be fluctuations in supply, demand and prices of the products due to the unseason where that particular fruit is unavailable which leads to the chain in the price mechanism.this is the circular chain which is cycle goes on from season to season affecting all the 3 factors. when it is unseasoned then the price rises up demand & supply both are decreases.
situation 5
we often see keen interest especially among young men and women to participate ina fashion show.
economic concept in this situation : law of demand
The law of demand explains that the willimgness people show towards a particukar field or product. here the people are willingly showing interest towards fashion show to participate which is called the law of demad.
increased usage of combination of skilled labour and technology is believed to result in increased output in manufacturing industries.
economic concept in this situation ; Increased returns to scale
increased returns to scale
if all inputs are doubled output, will also increase at the faster rather than doubled
justification
when the skilled labour and technology is increased then there is an result in increase in the output of products.then both are increasing proportionately.
situation 2
three prospective locations for a large retail outlet location A offers 750 net benefit units, location B offers 900 net benefit units & location C offers 850 net benefit units.
economic concept in this situation : opportunity cost
opportunity cost
it is the best alternative forgone
justification
it says that location B is offerging more when compared to other two locations. so that the retailer will take the high benefit units from location B.
situation 3
theatre artistes / performers performing in multiple cities/events.
economic concept in this situation is mobility of inputs
mobility of inputs
there is transfer for the goods or services. then it will be available without any scarce at low cost when compared.
justification
there is transfer for the artists it means there is mobility when they change the place and getting more money.
situation4
often, unseasonal price fluctuations are observed in the case of fruits.
economic concept in this situation : price mechanism
this concept explains that there will be fluctuations in supply, demand and prices of the products due to the unseason where that particular fruit is unavailable which leads to the chain in the price mechanism.this is the circular chain which is cycle goes on from season to season affecting all the 3 factors. when it is unseasoned then the price rises up demand & supply both are decreases.
situation 5
we often see keen interest especially among young men and women to participate ina fashion show.
economic concept in this situation : law of demand
The law of demand explains that the willimgness people show towards a particukar field or product. here the people are willingly showing interest towards fashion show to participate which is called the law of demad.
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