Why Are Diamonds More Expensive Than Water? Water is simultaneously one of the few things we absolutely

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Why Are Diamonds More Expensive Than Water?

Water is simultaneously one of the few things we absolutely cannot live without, and one of the things we value least. There's an economic rationale behind that.

Theideathathouseholdsandfirmsmustmakechoicesbecauseofscarcityisthefundamentalnotionofeconomicanalysis.Wenowwanttoexpandonthatanalysistoconsiderwhyconsumersbehavethewaytheydo.Whydoesapersondemandacertaingoodorservice?Anobviousansweristhatthegoodorserviceisexpectedtosatisfysomeneedordesireoftheconsumer.

Evaluate the law of diminishing marginal utility.

Posted Date: Jun 21, 2024 07:10 PM

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Why Are Diamonds More Expensive Than Water? Water is simultaneously one of the few things we absolutely

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