1.Indian IT industry is successful compared to other countries due to its services offered at low costs- Law of demand
For a decrease in price of services offered by the Indian IT industry, demand for availing their services by customers increases. Hence this accounts for the rapid success of the Indian IT industry compared to other countries.
2. Circus artists/ theatre performers travel to different cities to perform shows- Law of diminishing returns
Watching a particular circus performance or theatre performance decreases the willingness of the customers to watch the same event or show again and again, as explained in law of diminishing returns. Hence, circus artists and theatre performers travel to different cities to perform shows and events.
3. Many multi-star hotels offer unlimited meals to customers- Law of supply
As the cost of making multiple cuisines and dishes increases, multi star hotels increase their supply for sale in the market place.Hence they offer unlimited buffet meals compared to other normal restaurants.
4. Increased skilled labour and technology results in higher production outputs. - Production Function
Skilled labour and technology are both determininants or inputs that determine the output or production of any Industry or organization. better or higher the inputs , better will be the outputs of production.
5. We see more and more domestic tourists or people visiting beaches rather than religious places- law of diminishing marginal utilities.
People tend to lose their willingness or interest in visiting religious places in the long run and prefer to visit beaches that can be visited occasionally or on holidays. Hence they visit beaches more than religious places as seen earlier.
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