Law Of Demand:-
When the quantity of fruits decrease in the market the price of the fruit increase.
Law Of Supply:-
When the price of onion increase the supplier increase the supply of onion in market.
Elasticity:-
Inelastic :- Market value of iphone is soo high that people buy iphone at the high price also.
Elastic:- If the price of one chocolate increase people move on another chocolate.
Law Of Diminishing Returns:-
We are using fertilizer for more production. But after certain amount of fertilizer, extra use of itiwill decrease the production.
Customer Surplus:-
We go to market and ready to pay 500 for a product and we get at 300. Here 200 is customer surplus
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