1) Related to LAW of diminishing marginal utility - 2 years back i purchased an new phone Moto g4 plus which was very new at that point of time. It had very good features like it has 16 Mega pixel Rear camera ,3 Mega pixel front camera , 3000 MAH battery etc. So at the time of purchasing the phone my marginal utility was very high i.e the need of satisfaction, desire was on 7th cloud but as the time went slowly slowly new mobiles came up with better features that Moto g4 plus . Slowly in my mind somewhat its usefulness to me got decreased or decline by using the same product features again and again for more than 2 years . Its marginal utility respect to me has now totally decreased and i am thinking to buy a new phone with better RAM, ROM, Battery, High Mega pixel cameras . So I can relate this phase of my life to the LAW of Diminishing Marginal Utility .
2) People's Trade off In Real Life -
One day i went to a restaurant in evening to eat chicken. I was very hungry to an extreme level . So I looked up into the menu and chosen two dishes which were for Rs.200 and Rs.400. At that point of time i was very hungry and wanted to fill up my stomach with lots of chicken and rice. So I looked up the costs and asked the waiter how much quantity will i get in Rs.200 and Rs.400 dishes so he said in Rs.400 you will get 6 pieces of chicken with no gravy and in Rs.200 you will get masala chicken with gravy . As i needed the quantity nor the quality or taste i decided to go for the Rs.200 chicken as that could satisfy my hunger . So I made an Cost benefit analysis at that point of time which is usually called People's Trade off.
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