A Day Out with Economics

Remembrance of examples linking economic concepts:

Once we had a family tour as my sister's salary hike, she is getting more than the previous salary that she is earning, so she used to shop normal clothing but after the increase in the salary she wants to buy a branded one. So, we went to allen solley to buy a dress, there the price is very high and there is no negotiation but she choose that dress 

                                    - here comes the Income Effect concept(where the consumer reallocate the income across goods)

after buying that dress we had made some plans to freak out, my plan was babhubali movie, my brother planned for Avengers and we were on our fight, at last we ended up going to babhubali at last.

                                   - here comes the concept of trade-off ( making choices around the options available)

later on we went for an restaurant there we have ordered for omlet as side dish as i was hungry there I ate it very fast and i ordered the same for the next time and this time, with the main course my stomach is full and i cannot go for next omlet so, finally i completed it.
                                 - here comes the concept of Diminishing Marginal Utility( the level of satisfaction decreases with the every additional unit added)

As it was my brother's dream to watch the cricket match live, so from there we went to a stadium for cricket match, the IPL match is between the Chennai super kings and Mumbai Indians. Ratings showed that MS Dhoni ranked first, Rohit Sharma was ranked second, Bravo and Ambati Rayadu are on third, Watson is on fourth and the scores continued.
                                - here comes the concept of Ordinal Utility(measuring the utility by assigning the ranks)

After coming out of there, we were in search of ola cabs but the fluctuations in increase in prices from time to time we shifted our thought of ola to uber
                               - here is the concept of law of demand ( when the price increases demand decreases)

 It was a great day to me that I enjoyed shopping, movie, cricket match and restaurant.
                              - here are the combinations of things that gives the same level of satisfaction( Indifference curves)

some more examples on the same concepts:

1.) Income Effect- 

In my childhood days my mom used to give me 5/- a day. As the days passed she started giving me 10/- per day and my spenting on toffees changed to buying other costlier than the previous one.

2.)trade offs(cost-benefit analysis)-

When ever I go a restaurant there will be many choices and I will be the most confused one always what i want to choose. Then I do the cost analysis so that it suits my budget as well as my liking to it.

3.)Diminishing marginal utility:

The liking towards my dress is more when it was new. When i start using it frequently day after the other, the liking towards it gradually decreases.

4.) ordinal utility:

I have listed many colleges in order to choose the best colleges and i have ranked them according to their value additions. This gave me the comparative analysis and helped me to choose the best among them.

5.) law of demand:

I chose samsung mobile to be purchased but the market conditions made the prices high so i bought ended with the other. where the price made the decision change.