Question
On a single graph, draw the supply and demand curves for both water and diamonds. Make sure the price of diamonds is higher than the
On a single graph, draw the supply and demand curves for both water and diamonds. Make sure the price of diamonds is higher than the price of water.
-Label the total utility (TU) of water.
-Label the total utility (TU) of diamonds.
-Explain why water which is necessary to life has a lower price than diamonds (which are not essential to sustain life).
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Essentials of Business Driven Information Systems
Authors: Paige Baltzan, Amy Phillips
1st edition
1260004716, 978-0073376721
