Quick Answer: Why Is Water Cheaper Than Diamond?

Is the marginal benefit of a glass of water?

Answer and Explanation: The correct answer is small.

The marginal benefit obtained from consuming an additional unit of a glass of water is small..

Is it possible for the price of water to be much lower than the price of diamonds?

It is possible for the price of water to be much lower than the price of diamonds if which of the following is​ true? The supply of water is greater than the supply of diamonds.

Can you drink diamond water?

– Bottling – Diamond Water bottles are bpa free and 100% recyclable made from pet plastic. Your long term health is our main focus and our bpa free bottles ensure there is no discharge of any chemicals into Diamond Water. Diamond Water combines precious ingredients for a unique and healthy drinking experience.

Is Diamond Water healthy?

Besides the diamond energy, Diamond Water is alkaline, a 9.5 pH. This is good because many renowned scientists consider a 9.5 pH to be the perfect pH for drinking water. … People who drink water from these sources have less disease, longer lifespans, and are happier and healthier than the general world population.

What is the answer to the diamond water paradox?

answer to the so-called “diamond-water paradox,” which economist Adam Smith pondered but was unable to solve. Smith noted that, even though life cannot exist without water and can easily exist without diamonds, diamonds are, pound for pound, vastly more valuable than water.

Who distinguished between value in use and value in exchange and gave the famous example of diamonds and water?

Adam SmithThis question is the diamond-water paradox, also known as paradox of value, and it was first presented by the economist Adam Smith in the 1700s. In his works, Smith points out that practical things that we use every day often have little or no value in exchange.

What is the most expensive water in the world?

Believe it or not, the highest price ever paid for a single bottle of water was an astounding five figures — yes, according to the Guinness Book of World Records, the most expensive bottle of water ever, a refreshing little beverage called Acqua di Cristallo Tributo a Modigliani, sold for $60,000.

Why do we value diamonds?

The earliest recorded cultures used diamonds to portray strength, the value of love, and even instruments of magic. That value is likely due to a diamond’s natural strength and unique visual appearance in combination with its relative rarity. Even a low-grade gem-quality diamond is still a thing of value and beauty.

Is a toy factory a factor market or product?

A toy factory is an example of factor market because factors of production like plastic, labor and other form of capital are combined to produce final good- the toy. On the other hand a toy shop would be an example of product market.

Is water worth more than gold?

Something that many might take for granted is becoming highly coveted: water. In fact, water has become more precious than gold. Over the past 10 years the S&P 500 Global Water index has outperformed the bellwether gold and energy indices.

Why does the paradox of value between diamonds and water arise?

marginal benefit. … The marginal utility of water is small but the total utility is enormous. The paradox of value with respect to water and diamonds can be explained using consumer surplus because. water is cheap but provides a large consumer surplus, while diamonds are expensive with a small consumer surplus.

Why are diamonds more expensive than water when you can live without diamonds but Cannot live without water?

Subjective value can show diamonds are more expensive than water because people subjectively value them more highly.

Are diamonds rare?

Diamonds are not particularly rare. In fact, compared to other gemstones, they’re the most common precious stone found. Generally, the cost per carat (or weight of a gemstone) is based upon a stone’s rarity; the rarer the stone, the more expensive.

What is meant by Paradox?

1 : a tenet contrary to received opinion. 2a : a statement that is seemingly contradictory or opposed to common sense and yet is perhaps true. b : a self-contradictory statement that at first seems true.

What is the meaning of marginal utility?

Marginal utility is the added satisfaction that a consumer gets from having one more unit of a good or service. The concept of marginal utility is used by economists to determine how much of an item consumers are willing to purchase.

Why are diamonds more expensive than water quizlet?

-Water is more valuable than diamonds in terms of total utility, but diamonds have a higher marginal utility, and thus a higher price.

Does diamond water still exist?

Diamond water is pretty much diamonds soaked in water that she swears by. Years later you can still spot Diamond water being sold at your local Ross store.