Different concepts in economic

SITUATION: Many star hotels  routinely offer unlimited buffet meals

Economic concept:  law of diminishing marginal utility

This concept tells us that when a person consume one product the level of satification increases .when he goes on consuming one product the level of satification decreases .at one point of time the satification will become zero. therefore this concept is known as law of diminishing marginal utility

Justification: From the above example the hotel are offering unlimited food .When the consumer eat food when he was hungry the level of satification is more when he goes on cosuming the level of satification will become zero and negative.so he will stop eating.so these why the hotels are offering unlimited food

SITUATION

supply curve of live sports

concept: supply curve

Justification:

The above is graphicall representation of an supply curve .when we take on example of an sports while starting there will be less number of viewers .the viewers will increase when the match is in finals so the supply of an live sports goes on increasing as it Is showing in the above 

SITUATION

Three prospective locations for large retail outlet-location A offers 750 net benefit units ,location B offers 900 net benefits units  location C offers 850 net benefit units

 Economic Concept: opportunity cost

Justification: From the above statement we can state that  the consumer  will move from one location to another when he is getting extra benefit. Therefore the location which he left  is known as opportunity cost