This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Explain the paradox of value. What will be an ideal response?[br][br][b][color=#9E3EA8]Question ... (Read 87 times)

geoffrey

  • Hero Member
  • *****
  • Posts: 880
on: Jun 29, 2018
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
Reply #1 on: Jun 29, 2018
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
:D TYSM

EAN94

  • Member
  • Posts: 307
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

An example of color blindness test. A person with red-green color blindness would not be able to dis An example of color blindness test. A person with red-green color blindness would not be able to dis
A color-enhanced MRI image of the skull. A color-enhanced MRI image of the skull.
How to sketch a quadratic equation using transformations after completing the square (Question 2) How to sketch a quadratic equation using transformations after completing the square (Question 2)
Find derivative by using definition of the derivative question 2 Find derivative by using definition of the derivative question 2
chem question chem question
X-linked recessive inheritance of red-green color blindness in a family X-linked recessive inheritance of red-green color blindness in a family
Video: Negative Feedback Regulation of Blood Pressure

For a complete list of videos, visit our video library