This week in our college we were said that on Onam Day all the students of our college had to were Dhoti and white shirts(for boys).Unfortunately I never knew how to were a Dhoti nor did i have any Dhoti.When I went to the shop to purchase one, the shopkeeper quoted me ₹300. Which was a bit on the higher side. So the students together decided to order in bulk , around 90 of the together. This brought down the price to ₹200 each. This happened because the shopkeeper was able to produce it are a lower cost, there by taking the Avengers of economies of scale.
Economics when applied to real life sounds beautiful. this blog is for those students who are discovering the different facets of economics applications and want to share their discoveries.
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IMPACT OF SOCIETY /SOCIAL GROUPS ON PURCHASE INTENTIONS OF HOME BUYING- Consumers are the most important factor that will make any bus...
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Supply in elastic:if the supply is difficult to replace the product by a substitute goods then that is known as supply-in-elastic. Example...
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MARKET STRUCTURE: there are different market structures that can be characterized to an economy, without market structure any company ca...
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If the supply is easy to replace by multiple suppliers then it’s known as supply elasticity. Any unskilled worker is an example of supply e...
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