People face trade-offs
The mid-term examinations just finished and the pattern was very unique for me. Earlier the examinations that I had appeared in were scheduled one in a day, while appearing in two examinations in a day I faced trade-off. I gave more time to a certain subject and less to one. I wanted to have equal time for both but I had to make a choice.
People respond to incentives.
The restaurants nearby offer discounts specially on Saturdays as they know that the students would be going out for lunch. The incentive act as a catalyst and those restaurants are preferred more than others.
Demand vs taste and preferences.
The songs that we listen has changed a lot from earlier times. The inclusion of "rap" in songs has become a norm as people's taste and preference has changed and the demand for such songs has increased.
Diminishing marginal utility
The fact that so many restaurants offer unlimited food at at a certain price attracts customers. The restaurants owners also make use of the fact that after every bite of the food taken the marginal utility diminishes.
Income and Substitution effect.
The fact that people's purchasing power has changed drastically because of the higher income slab that more and more people fall in. The demand for online purchases indicate the effect. The willingness of consumers to pay more to get premium products and at doorstep is very evident nowadays.
The mid-term examinations just finished and the pattern was very unique for me. Earlier the examinations that I had appeared in were scheduled one in a day, while appearing in two examinations in a day I faced trade-off. I gave more time to a certain subject and less to one. I wanted to have equal time for both but I had to make a choice.
People respond to incentives.
The restaurants nearby offer discounts specially on Saturdays as they know that the students would be going out for lunch. The incentive act as a catalyst and those restaurants are preferred more than others.
Demand vs taste and preferences.
The songs that we listen has changed a lot from earlier times. The inclusion of "rap" in songs has become a norm as people's taste and preference has changed and the demand for such songs has increased.
Diminishing marginal utility
The fact that so many restaurants offer unlimited food at at a certain price attracts customers. The restaurants owners also make use of the fact that after every bite of the food taken the marginal utility diminishes.
Income and Substitution effect.
The fact that people's purchasing power has changed drastically because of the higher income slab that more and more people fall in. The demand for online purchases indicate the effect. The willingness of consumers to pay more to get premium products and at doorstep is very evident nowadays.
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