Supply curves for live musical performances.
Concept-Law of supply
Justification: When there is a season for rock band or marriage functions or college fest , the demand for live musical performers will be high as well supply is also high so the supply curve will be upwards because as demand increases supply also increases.
As the usage of skilled labour combined with technology is increased, the effect is expected to be higher output higher output in service industries.
Concept: Increasing returns to scale
Justification: When there is higher effect in service industries due to increase in usage of skilled labour and technology ,this states' increasing returns to scale' as output of service industries increases more proportionality with an increase in the inputs of skilled labour and technology.
Lot of unseasonal price fluctuations happen in vegetables.
Concept: Price mechanism
Justification: The price of vegetables fluctuates during unseason as there will be scarcity of vegetables during unseason which exceeds the demand and supply & prices are driven up. The effect of such unseasonal price rise is to dicourage demand and conserve vegetables.
Why do many young men and women fancy themselves to participate in beauty contests.
Concept: Incentive principle
Justification: Nowadays young men and women would like to participate in beauty contests which encouages them to work harder to recieve incentives and it increases their self esteem and get satisfaction with their own choice.
Circus artistes/performers performing in multiple cities/events.
Concept: Opportunity cost
Justification: These performers always search for the best alternative place which will bring more profits than the opportunity they lost. Opportunity cost states that the cost of something is what you give up to get it.
Concept-Law of supply
Justification: When there is a season for rock band or marriage functions or college fest , the demand for live musical performers will be high as well supply is also high so the supply curve will be upwards because as demand increases supply also increases.
As the usage of skilled labour combined with technology is increased, the effect is expected to be higher output higher output in service industries.
Concept: Increasing returns to scale
Justification: When there is higher effect in service industries due to increase in usage of skilled labour and technology ,this states' increasing returns to scale' as output of service industries increases more proportionality with an increase in the inputs of skilled labour and technology.
Lot of unseasonal price fluctuations happen in vegetables.
Concept: Price mechanism
Justification: The price of vegetables fluctuates during unseason as there will be scarcity of vegetables during unseason which exceeds the demand and supply & prices are driven up. The effect of such unseasonal price rise is to dicourage demand and conserve vegetables.
Why do many young men and women fancy themselves to participate in beauty contests.
Concept: Incentive principle
Justification: Nowadays young men and women would like to participate in beauty contests which encouages them to work harder to recieve incentives and it increases their self esteem and get satisfaction with their own choice.
Circus artistes/performers performing in multiple cities/events.
Concept: Opportunity cost
Justification: These performers always search for the best alternative place which will bring more profits than the opportunity they lost. Opportunity cost states that the cost of something is what you give up to get it.
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