Brief about economics set 1

Situation 1.
Law of diminishing marginal utility
As we all know in Hollywood more than 900 movies are released and for deciding the best movie they have to give awards,  and the most prestigious award is oscars which take place onces every year because if the oscar takes place twice every year then for movies the people will loose intrest and it will result to law of diminishing marginal utility.
Situation 5.
Income increase people wants more.
People moves to more expensive product as income increases, as people are visiting to hilly station more than religious places, the hilly station are more expensive than religious place as there income increases wants also increases.
Situation 7.
Taste and preference
As every people have taste and preference so young generation are more intended towards fashion as example people of high society buy audi and some of people buy ferrari nearly same cost it differs because of preference of taste and choice..
Situation 9.
Price decreases demand increases
As from daily life when the price of vegetables decrease we focus on the vegetables which are of less price and demand also increases.
Situation10.
People responds to incentive
As in Flipkart when the big billon day offer comes then people respond more because they get non monetary incentive.