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Looking for Diamond water paradox assignment help? You are at Right Place. To understand the price structure and market value, it is important to organize the economic structure in a way that suffices public in general. Diamond water paradox assignment help will help to understand the logistics of the same giving a clearer idea about the entire functionality of this process that involves price/ value/ rate determination of goods.
What is Diamond water paradox?
When economics students ask with queries and questions to experts like us, there is one thing easily noticeable – basic conceptual problems. Diamond water paradox is a theory which simply states that the determination of value of a product depends on the necessity of the product in as per general consensus and utility. As water is more essential for everyone in comparison to diamonds, the price of water is lesser than diamonds.
In 1770, Adam Smith did extensive research on market and marketing; the result he found is now in a theoretical presentation-‘Labor Theory of Value’, for students to study economics. Diamond water paradox homework help professionals will guide students best and encourage them in academics.
Understanding the Diamond water paradox in details
With diamond water paradox homework help from us, Courseworktutors, students will get an in-depth explanation on the subject matter. It is best to start with examples:
The centerpiece and a jug – Amongst the two, water jug will cost around $10 to $16 which you will use daily. Whereas, centerpiece will cost $150 -$200 minimum. This means more the utility and necessity of a product; lesser is the price.
Other relative theories that diamond water paradox homework help explains
This is another problem that economics students face while learning it. As there are different theories for this particular thing, it can be quite confusing for students to understand. Get an overview of the matter here –
- Subjective value
Here, economists explain that price drives cost and not the opposite. For example – Belgian chocolate. It is very expensive – not for the reason that there is an extra cost in picking the cocoa pods or extracting process, but the reason for its high price is because people enjoy Belgian chocolate. Similarly, a diamond is more expensive as people value diamonds more than water.
This is another valuable theory in economics which students must understand.
- Marginality utility
In this theory, three economists came up with a parallel thought – the price of Carl Menger, Leon Walras and William Stanley Jevons. This theory is clearly supporting marginal benefit perspective over total benefit.
To be clearer – People are comparing X unit of water with x Unit of diamonds. If they were to choose between all the world’s water and diamond, obviously they will choose water making it more valuable.
Graph of Diamond Water Paradox
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