Economics in daily life

To analysts Indian industry will be able to take advantage through offering products at low prices
The concept that fits the scenario is demand.Since India is a country with high population if a product is launched at low price its demand will be increased resulting in greater profits.
Star hotels routinely offer unlimited buffet meals
The concept behind this is people responding to incentives.
These five star hotels giving incentive of all you can eat buffet  has people responding to this kind of discounts at high levels due to which these hotels get a recognisation.
We see more and more domestic tourists visiting beaches rather than religious places as seen earlier.
And this is because of diminishing marginal utility.
Since over a period of time people are visiting temples, the utility they get decreases every time they visit. Hence they are switching to beaches just because they have a variety of options in that front.
Three prospective locations for a large retail outlet -Location A for 750 net benefit units ,location B 900 net benefit units and location C offers 850 net benefit units
The principle behind this is people think at the margin.
Location B offers 900 net benefit units. Therefore it offers 50 more units then C and 150 more than A.
Hence people will opt for the one with more margin.
Increase uses of combination of skilled labour and Technology is believed to result in increased output in manufacturing industries .
The concept that fits here is production function.
Production function helps to determine the combination and uses of skilled labour and Technology and shows how it will help in increasing the output of the manufacturing industries.