Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Diamond/Water

Early Classical economists found the following "diamond/water" paradox perplexing: "Why is water, which is so useful and so necessary, so cheap, when diamonds, which are so relatively unnecessary, are so expensive?" In modern economic terms, describe the water/diamond paradox.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M927883

Have any Question? 


Related Questions in Business Economics

Defining managerial economics by reffering two economists

Defining managerial economics by reffering two economists, using the positive approach. discuss by using specific examples the purpose of economic analysis and use of economic model.

What is monthly difference in payments pmt and balance bal

What is monthly difference in payments (PMT) and balance (BAL) after 80 payments and APR of a $500,000 FRM Loan at 3.96% w/ 1 point of fees with term and amortization of either 15 or 30 years?

Suppose the supply curve of medical services is perfectly

Suppose the supply curve of medical services is perfectly inelastic. Analyze the impact of an increase in consumer income on the market price and quality of medical services. Next, assume the demand for the medical servi ...

A explain how marginal control costs are equalised across

a) Explain how marginal control costs are equalised across firms under a transferable pollution permit system (also known as an emissions trading scheme) using a diagram to illustrate your answer. b) What advantage does ...

Lisa is a self-employed physical therapist who works from a

Lisa is a self-employed physical therapist who works from a rented space. Lisa charges $250 for a therapy session. She incurred the following costs last month: space and equipment rental, $1200; wages, $3500; materials, ...

Jimmy has studied the bond market for the last century and

Jimmy has studied the bond market for the last century, and has determined that the real interest rate is 2%. He has also studied the stock market, and determined that the prevailing real growth rate of stocks is 6%. Jim ...

You are an assistant to a senator who chairs an ad hoc

You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Based on your research, AT&T has spent over $15 million on related paperwork and compliance costs. Moreov ...

Internal rate of return peace of mind inc pmi sells

Internal rate of return Peace of Mind, Inc. (PMI), sells extended warranties for durable consumer goods such as washing machines and refrigerators. When PMI sells an extended warranty, it receives cash up front from the ...

You are starting your own internet business you decide to

You are starting your own Internet business. You decide to form a company that will sell cookbooks online. Justcookbooks.com is scheduled to launch 6 months from today. You estimate that the annual cost of this business ...

The maybe pay life insurance co is trying to sell you an

The maybe pay life insurance co is trying to sell you an investment policy that will pay yu and your heirs $40,000 per year forever. if the required return on this investment is 5.1 percent, how much will you pay for the ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate