Question

What do you understand by the term priceless commodity
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Answer 1

Answer:

Priceless Commodity means a commodity that comes at a much larger price and considering Ranga's story, Ranga was privileged to have obtained this priceless commodity of English language which was an extremely rare event in the village. Hence, the people of the village were excited for Ranga.

Explanation:

• Priceless commodity simply means the commodity that commands a  larger price (i.e.) a commodity possessing a value beyond any ability to adequately appreciate
• This line about Priceless Commodity is from the story Ranga's Marriage by Masti Venkatesha Iyengar, where Range who happened to be the accountant's son had the privilege of going to the city and studying which was not very common in the village
• And the English language was considered the priceless commodity in the village as the English language was not very widespread that time. That is why when Ranga came back to the village from the city, people were exited to meet him
• Hence, English language was considered the priceless commodity that was extremely valuable in the whole village as not everybody was able to afford it and it came at a much larger price considering the ability of the people in the village to learn that language

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What is the priceless commodity referred to in the story Ranga's marriage ?  

Answer 2

• Priceless commodities are probably the most valuable in the world because they are hard to come by and difficult to replace.
• A diamond is a prime example.
• Diamonds are the most valuable gemstones on Earth; their unique chemical composition comes from the fact that carbon is one of the hardest naturally occurring elements.
• The key to understanding the term “priceless commodity” is the economic value placed upon it by consumers.
• This value can be established by looking at what consumers are willing to pay for goods and services that fulfil the same function as the commodity they are desiring, and then by analysing the goods and services sold in comparison to these prices.
• The results of this analysis will be the price at which the commodity is sold.
• If traders are willing to pay much more than the commodity’s current market price for the good or service, it is assured that the good or service is a “priceless commodity” and that the commodity’s current market price is not its true value.
• In the diamond example, traders will pay hundreds of thousands of dollars for a diamond that costs them thousands of dollars.
• In short, the traders will pay more for an item than they are willing to pay the current price because they believe that the item has greater value in the long term than in the short term.

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