ECON 101 Saudi Electronic University Diamond Water Paradox Discussion

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Economics

econ 101

Saudi electronic university

ECON

Description

Critical Thinking 1: The diamond-water paradox

In “An Inquiry into the Nature and Causes of the Wealth of Nations” published in 1776, Adam Smith wrote:

“Nothing is more useful than water: but it will purchase scarcely anything… A diamond, on the contrary, has scarcely any use-value; but a very great quantity of other goods may frequently be had in exchange for it”

Explain the diamond-water paradox and find out in the literature how economists have later solved this paradox.

Requirement:

answer should be two pages minimum.


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College of Administrative and Financial Sciences Assignment-1 Deadline: 30 September 2020 @23:59 Course Name: MICROECONOMICS Student’s Name: Course Code: ECON101 Student’s ID Number: Semester: 1 CRN: Academic Year: 1441-1442 For Instructor’s Use only Instructor’s Name: Students’ Grade: Marks Obtained/ ➢ Level of Marks: This Assignment must be submitted on Blackboard (WORD format only) via the allocated folder. ➢ Email submission will not be accepted. ➢ You are advised to make your work clear and well-presented; marks may be reduced for poor presentation. This includes filling your information on the cover page. ➢ Assignment will be evaluated through BB Safe Assign tool. ➢ Late submission will result in ZERO marks being awarded. ➢ The work should be your own, copying from students or other resources will result in ZERO marks. ➢ Use Times New Roman font 12 for all your answers. Marks:05 Critical Thinking 1: The diamond-water paradox In “An Inquiry into the Nature and Causes of the Wealth of Nations” published in 1776, Adam Smith wrote: “Nothing is more useful than water: but it will purchase scarcely anything… A diamond, on the contrary, has scarcely any use-value; but a very great quantity of other goods may frequently be had in exchange for it” Explain the diamond-water paradox and find out in the literature how economists have later solved this paradox. ANSWER:
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College of Administrative and Financial Sciences

Assignment-1
Deadline: 30 September 2020 @23:59
Course Name: MICROECONOMICS Student’s Name:
Course Code: ECON101

Student’s ID Number:

Semester: 1

CRN:
Academic Year: 1441-1442

For Instructor’s Use only
Instructor’s Name:
Students’ Grade: Marks Obtained/



Level of Marks:

This Assignment must be submitted on Blackboard (WORD format only) via
the allocated folder.



Email submission will not be accepted.



You are advised to make your work clear and well-presented; marks may be
reduced for poor presentation. This includes filling your information on the cover
page.



Assignment will be evaluated through BB Safe Assign tool.



Late submission will result in ZERO marks being awarded.



The work should be your own, copying from students or other resources will
result in ZERO marks.



Use Times New Roman font 12 for all your answers.

Marks:05
Critical Thinking 1: The diamond-water paradox
In “An Inquiry into the Nature and Causes of the ...


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