situation 1:
offering unlimited meals has become a major selling for many Andhra restaurants etc
economic concepts in this situation: law of diminishing marginal utility
law of diminishing marginal utility:
it means that during the consumption of product,the level satisfaction increases by consuming one after another at one point it diminishing happens in consumption and decreases in utility.this phenomenon is called as law of diminishing marginal utility.
justification:
in this above we can observe that when the consumer start eating meals at starting he/she is getting good satisfaction after some time satisfaction level increases more after some time his/her stomach gets full and stops eating so the diminishing happens in consumption.
situation 2:
three prospective locations for mall-
location 'A' offers 1000 net benefit units,
location 'B' offers 800 net benefit units and
location 'C' offers 850 net benefit units
economic concept in this situation: opportunity cost
opportunity cost:
it means that selection of best alternative by leaving rest it is known as opportunity cost.
justification:
in this above we can observe that the 'A' is offering best benefits than 'B' and 'C' so we leave 'B' and 'C' and take 'A'.
situation 3:
circus artistes/performers performing in multiple cities/events
economic concept in this situation :mobility of inputs
mobility of inputs:
there is transferring of goods and services and it will be available at low cost without any scarce when compared.
justification:
in this above we can observe that there will be change in place and get benefited with more money when there is transfer for the artists it meant that mobility is present.
situation 4:
lot of unseasonal price fluctuation happen in vegetables
economic concept in this situation:price mechanism
price mechanism:
it means that there will be fluctuations takes place in price,supply,demand of a product because of the unseason in unavailability of product with increase in price and decrease in demand and supply,this is like a cycle goes on from season to un season this is known as price mechanism.
justification:
in this above we can observe that there will be increase in price of a fruit and decrease in supply and demand of a fruit because of un season.
situation 5:
as the usage of skilled labour combined with technology is increased, the effect is expected to be higher output in service industries.
economic concept in this situation :increased returns to scale
increased returns to scale:
if all inputs gets doubled then output will also increases in faster rather than doubled.
justification:
in this we can observe that if there is increase in skilled labour and technology then there will be good result with increased output of products it means that both are increasing in the same way.
offering unlimited meals has become a major selling for many Andhra restaurants etc
economic concepts in this situation: law of diminishing marginal utility
law of diminishing marginal utility:
it means that during the consumption of product,the level satisfaction increases by consuming one after another at one point it diminishing happens in consumption and decreases in utility.this phenomenon is called as law of diminishing marginal utility.
justification:
in this above we can observe that when the consumer start eating meals at starting he/she is getting good satisfaction after some time satisfaction level increases more after some time his/her stomach gets full and stops eating so the diminishing happens in consumption.
situation 2:
three prospective locations for mall-
location 'A' offers 1000 net benefit units,
location 'B' offers 800 net benefit units and
location 'C' offers 850 net benefit units
economic concept in this situation: opportunity cost
opportunity cost:
it means that selection of best alternative by leaving rest it is known as opportunity cost.
justification:
in this above we can observe that the 'A' is offering best benefits than 'B' and 'C' so we leave 'B' and 'C' and take 'A'.
situation 3:
circus artistes/performers performing in multiple cities/events
economic concept in this situation :mobility of inputs
mobility of inputs:
there is transferring of goods and services and it will be available at low cost without any scarce when compared.
justification:
in this above we can observe that there will be change in place and get benefited with more money when there is transfer for the artists it meant that mobility is present.
situation 4:
lot of unseasonal price fluctuation happen in vegetables
economic concept in this situation:price mechanism
price mechanism:
it means that there will be fluctuations takes place in price,supply,demand of a product because of the unseason in unavailability of product with increase in price and decrease in demand and supply,this is like a cycle goes on from season to un season this is known as price mechanism.
justification:
in this above we can observe that there will be increase in price of a fruit and decrease in supply and demand of a fruit because of un season.
situation 5:
as the usage of skilled labour combined with technology is increased, the effect is expected to be higher output in service industries.
economic concept in this situation :increased returns to scale
increased returns to scale:
if all inputs gets doubled then output will also increases in faster rather than doubled.
justification:
in this we can observe that if there is increase in skilled labour and technology then there will be good result with increased output of products it means that both are increasing in the same way.
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