Watch the following video: https://www.youtube.com/watch?v=e7S8jWh6AEs

and answer the following question: Q- Water is essential to life. Yet, its price is too cheap. On the other hand, diamonds are not essential to life, but their prices are too expensive. Explain this paradox and the factors that affect our valuations.

Try to use the concepts we studied on preferences, utility, and optimal choices in your explanation.

Please answer the required question in detail I hope the answer is not copy-paste

I hope that the solution will be simplified in the form of points