This topic contains a solution. Click here to go to the answer

Author Question: Explain the paradox of value. What will be an ideal response?[br][br][b][color=#9E3EA8]Question ... (Read 91 times)

geoffrey

  • Hero Member
  • *****
  • Posts: 880
Explain the paradox of value.
 
  What will be an ideal response?

Question 2

Economists who have compared the incomes of never-married men and women have found that with equal amounts of human capital, ________.
 
  A) the wages of these two groups are the same
  B) men earn significantly more than women
  C) women earn significantly more than men
  D) men specialize more in home production



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

lorealeza77

  • Sr. Member
  • ****
  • Posts: 356
Answer to Question 1

The paradox of value questions why water, which is essential for life, costs less than diamonds, which are not. This puzzle can be resolved by realizing the difference between marginal utility and total utility. Water has high total utility, but because we consume so much water, the last unit has little value, that is, the water has low marginal utility. Diamonds have little total utility, but because we consume few diamonds, the last unit of diamonds has high marginal utility.

Answer to Question 2

A




geoffrey

  • Member
  • Posts: 880
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)


cpetit11

  • Member
  • Posts: 321
Reply 3 on: Yesterday
Excellent

 

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

Looking at the sun may not only cause headache and distort your vision temporarily, but it can also cause permanent eye damage. Any exposure to sunlight adds to the cumulative effects of ultraviolet (UV) radiation on your eyes. UV exposure has been linked to eye disorders such as macular degeneration, solar retinitis, and corneal dystrophies.

Did you know?

Every 10 seconds, a person in the United States goes to the emergency room complaining of head pain. About 1.2 million visits are for acute migraine attacks.

Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

For a complete list of videos, visit our video library