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Diamond-Water Paradox?
I need an example of the diamond water paradox. Use two other goods of your choice to illustrate the concept and explain the roles played by total utility and marginal utility. Someone already used fuel and paper. I need different ones to use. Any good suggestions would be greatly appreciated. Thanks
4 Answers
- AreJayLv 41 decade agoFavorite Answer
How bout an expensive piece of art and a cup? A piece of artwork has almost no value in use and always cost more than cups but damn if a cup isn't useful (how would you ever drink something without spilling it on yourself without a cup?) lol anything expensive that doesn't have a practical use and something that is cheap but useful.
- Anonymous5 years ago
Water is relatively less scarce than diamonds. Also diamonds are considered a comodity while water is considered a basic need which means most goverments will try to get water to its people at affordable prices.
