Economics related to real Life ....

1) Many Star Hotels routinely offer unlimited buffet meals.
Concept :  Law of Diminishing Marginal Utility
DEFINITION - It states that the additional benefit which a person derives from an increase of his consumption of a thing diminishes with every increase in the consumption.
EXAMPLE - Many start hotels routinely offer unlimited buffet as the consumption of person slowly slowly diminishes and star hotels earn profit by offering unlimited meals.

2) The artist or performers performing at different cities or events

Concept: Law of demand

DEFINITION - Law of demand says that as the as the price decreases demand increases. i.e price and quantity has inverse relationship.
EXAMPLE - As we can see the artist are performing in different cities so may be they would have increase in demand due to their quality and decrease in price.

3) Three prospective locations of a large retail outlet-Location 'A' offers 750 net benefit units,location 'B' offers 900 net benefit units & location 'C' offers 850 net benefit units
Concept :  Opportunity Cost
DEFINITION : It represents the benefits an individual misses out on when choosing one alternative over other.
EXAMPLE : Like we can see in the example that location B if chosen we can misses the offers provided by location A and B and vice versas.

4) The number of tourists visiting hill station is comparatively higher to that of religious places.

Concept : Marginal utility
DEFINITION : It is the additional satisfaction a consumer gains from consuming one more unit or service.
EXAMPLE : Like in example we can see that persons visiting hill stations are higher than religious places because it gives them additional satisfaction due to several good vibes , food , views etc. Which they do not get in religious places.

5) Increased usage of combination of skilled labour and technology is believed to result in increased output in manufacturing industries.

Concept : Increased Returns To Scale
DEFINITION - If output increases by more than the proportional change in inputs it is called Increased Returns to sale.
EXAMPLE - Like this example we can see that the output will automatically increased by the combination skilled labour and Technology .