Situation 2: Many star hotels routinely offer an unlimited buffet meal
Concept: People Respond to incentives.
This concept explains that people respond to incentives when offered by suppliers, in buffet hotels give incentives to the customers that is unlimited food for a fixed amount per head where customers tend to show interest in incentives that hotels give. Which indirectly increase in demand of the hotel.
Situation 5: Often, unseasonal price fluctuations are observed in the case of fruits
Concept: Price Mechanism
This concept explains that there will be fluctuations in supply, demand, and prices of the products due to the unseason where that particular fruit is unavailable which leads to the chain in the price mechanism. This is the circular chain which is cycle goes on from season to season affecting all the three factors. When it is unseasoned then the price rises up supply decreases and demand decreases.
Situation 10: We often see keen interest especially among young men and women to participate in a fashion show
Concept: Law of demand
The concept of the law of demand explains that the willingness people show towards a particular field or product. Here the young people are willingly showing interest towards fashion show to participate which is called the law of demand.
Situation 6: Theatre artistes/performers performing in multiple cities/events.
Concept: Opportunity cost
It is said that people always see for the best opportunities and will be ready to sacrifice every other option to succeed and make more profits than they look for. This concept is called the opportunity cost.
Situation 8: Three prospective locations for a large retail outlet- Location-A offers 750 net benefit units, Location- B offers 900 net benefit units and Location-C offers 850 net benefit units.
Concept: Ordinal Unit
Ordinal unit explains that the rankings that are given often to express the product efficiency by given the positions one after the other in a measured value. In the given situation there given the benefit units for 3 locations and among that Location-B is yielding the more benefit units
Concept: People Respond to incentives.
This concept explains that people respond to incentives when offered by suppliers, in buffet hotels give incentives to the customers that is unlimited food for a fixed amount per head where customers tend to show interest in incentives that hotels give. Which indirectly increase in demand of the hotel.
Situation 5: Often, unseasonal price fluctuations are observed in the case of fruits
Concept: Price Mechanism
This concept explains that there will be fluctuations in supply, demand, and prices of the products due to the unseason where that particular fruit is unavailable which leads to the chain in the price mechanism. This is the circular chain which is cycle goes on from season to season affecting all the three factors. When it is unseasoned then the price rises up supply decreases and demand decreases.
Situation 10: We often see keen interest especially among young men and women to participate in a fashion show
Concept: Law of demand
The concept of the law of demand explains that the willingness people show towards a particular field or product. Here the young people are willingly showing interest towards fashion show to participate which is called the law of demand.
Situation 6: Theatre artistes/performers performing in multiple cities/events.
Concept: Opportunity cost
It is said that people always see for the best opportunities and will be ready to sacrifice every other option to succeed and make more profits than they look for. This concept is called the opportunity cost.
Situation 8: Three prospective locations for a large retail outlet- Location-A offers 750 net benefit units, Location- B offers 900 net benefit units and Location-C offers 850 net benefit units.
Concept: Ordinal Unit
Ordinal unit explains that the rankings that are given often to express the product efficiency by given the positions one after the other in a measured value. In the given situation there given the benefit units for 3 locations and among that Location-B is yielding the more benefit units
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