We describe the S 1 -action on the Quot-scheme $\Quot({\cal E}^n)$ associated to the trivial bundle ${\cal E}^n=CP^1\times{\smallBbb C}^n$. In particlular, the topology of the S 1 -fixed-point components in $\Quot({\cal E}^n)$ and the S 1 -weights of the normal bundle of these components are worked out. Mirror Principle, as developed by three of the current authors in the series of work [L-L-Y1, I, II, III, IV], is a method for studying certain intersection numbers on a stable map moduli space. As an application, in Mirror Principle III, Sec 5.4, an outline was given in the case of genus zero with target a flag manifold. The results on $S^1$ fixed points in this paper are used here to do explicit Mirror Principle computations in the case of Grassmannian manifolds. In fact, Mirror Principle computations involve only a certain distinguished subcollection of the $S^1$ -fixed-point components. These components are identified and are labelled by Young tableaus. The $S^1$-equivariant Euler class $e_{S^1}$ of the normal bundle to these components is computed. A diagrammatic rule that allows one to write down $e_{S^1}$ directly from the Young tableau is given. From this, the aforementioned intersection numbers on the moduli space of stable maps can be worked out. Two examples are given to illustrate our method. Using our method, the A-model for Calabi-Yau complete intersections in a Grassmannian manifold can now also be computed explicitly. This work is motivated by the intention to provide further details of mirror principle and to understand the relation to physical theory. Some related questions are listed for further study.