Why should Diamond be price so high and water be price so low even when water is essential to sustain life while Diamond are not ?
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One should distinguish between (value in use) and ( market value ) offer commodity .Water has high value in use of course.But its market value is low as compared with diamonds because is available in plenty .In terms of its market supply ,water is scarce but not as scarce as diamond . Therefore,market price of water is much lower than of the Diamond .
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One should distinguish between (value in use) and ( market value ) offer commodity .Water has high value in use of course.But its market value is low as compared with diamonds because is available in plenty .In terms of its market supply ,water is scarce but not as scarce as diamond . Therefore,market price of water is much lower than of the Diamond .
✨ Hope this helps you ✨
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Diamond be price so high and water be price so low even when water is essential to sustain life while Diamond are not
while using an marginal utility
marginal utility gives an how much one extra unit of product is to statisfy to a requirement of person
in case of water marginal utility is very low
in case of diamond it is very high
diamond is hard to find as compared to water
I HOPE THIS INFO HELPS U ☺️☺️☺️☺️☺️☺️☺️☺️☺️
Diamond be price so high and water be price so low even when water is essential to sustain life while Diamond are not
while using an marginal utility
marginal utility gives an how much one extra unit of product is to statisfy to a requirement of person
in case of water marginal utility is very low
in case of diamond it is very high
diamond is hard to find as compared to water
I HOPE THIS INFO HELPS U ☺️☺️☺️☺️☺️☺️☺️☺️☺️
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