Saturday, September 1, 2018

Mobile usage is high that relates to economics

PRICE MECHANISM:-

example:-  when I plan to buy a mobile redmi note 4 in 2017 at the time the demand of the mobile is high, the xiaomi company has increased the price of the product to make a profit at the time they increased the supply of product in online and the retail store. and I wait for the market equilibrium to stable then the demand for the product decreases then I went to buy the product.

THE LAW OF SUPPLY:-  

example:-  the same incident/example when the price of redmi note 4 increases at the same time they increase the supply of the product to sell more in the market, to get profit.

UTILITY:-

The satisfaction level we get after the consumption of goods or product is called utility.

example:-  when I purchase a redmi mobile I get the more satisfaction level to compare to other mobiles is know as a utility.

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