1. When I am in childhood I use to eat Mango so much. At 14 years I went to my grand parent's house for the summer holidays. Near to my grandparent's house, there are Mango trees. So that they gave me every time to eat after lunch and dinner and if possible in the evening 5 pm also. So I use to eat a lot. One fine day my grandmother went to the hospital in the evening. She didn’t cook anything for dinner. Tune was 8:30 and I am so hungry. So I started eating mangoes. When I'm having 1st mango i was enjoying. When I'm having 2nd mango my feelings gradually decreased. When I am having 3rd Mango my feeling become neutral. For the 4th Mango, I got irritated and left it. The rate of interest gradually decreased while having Mango is considered to be law of diminishing marginal utility.
2. I want to buy a new bag. I went to the shopping mall and searching for new model. I want medium size including laptop pocket in Grey colour. I have been searching in three stores. Finally I got a bag with same specifications and have a rain proof cover in excess. Bag was looking nice. That was the last piece when I want to purchase. Here I have taste and preference. In the same way every one have their own preference. Every one like it so much, they got sold out. It all depends on the customer preference and taste.
3. I use to eat Maggie regularly. It had a great sales. . They make it 12₹. At that time thought to buy another product. When everyone was opting Yippee noodles. Even I tried it once. I feel more better than Maggie. The cost of same product was same. Comparative to Maggie, yippee was better in quality wise. Later there is lot of demand to it. So there is increasing in product price. It means to cross price elastic demand.
4. My friend use to get 95% in every semester so that my college provide scholarship to him. So that for every semester he use to work hard and gain that opportunity. It is one type of motivational (incentives) from college to students.it is known as people respond to incentives.
5. Preparation of a furniture using a wood given to a labour where the final product may be a chair or table. By the above statement we can tell that the scenario comes under production function which was used in day-day life.
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