Why is water less expensive than diamonds?

Melba Wilderman asked a question: Why is water less expensive than diamonds?
Asked By: Melba Wilderman
Date created: Sat, Jul 3, 2021 8:43 AM



Those who are looking for an answer to the question «Why is water less expensive than diamonds?» often ask the following questions:

👉 Are black diamonds less expensive than white?

Black diamonds are usually cheaper than white ones. This is partly because many of the black diamonds on the market are actually created in a lab. Natural black diamonds are relatively rare.

👉 Are black diamonds more or less expensive than regular diamonds?

Black diamonds are more porous and from younger sedimentary rocks, so they are not as expensive as other diamonds.

👉 Are diamonds more or less expensive than sapphires?

However here is a quick answer if you are in a hurry. Most of the time, Sapphires are not more expensive than diamonds. Diamonds are generally priced higher than sapphires, but some very rare sapphires can be more valuable than diamonds.

10 other answers

WHY IS WATER LESS EXPENSIVE THAN DIAMONDS? Applicable Concepts: total utility and marginal utility. Adam Smith posed a paradox in The Wealth of Nations. Water is essential to life and therefore should be of great value. On the other hand, diamonds are not essential to life, so people should value them less than water.

“Economists tell us that the law of diminishing marginal utility dictates that consumers place a greater value on diamonds than on life-giving water. It’s just the way consumers prioritize price—by a product’s ‘least-value usage,'” writes Goetz, explaining that the lowest value usage of water is to clean gutters and sewer systems.

Question: Why is water less expensive than diamonds? Utility • Water is a necessity of our daily life. It provides individuals with more total satisfaction (Total Utility). • However, Marginal Utility determines the price one is willing to pay.

Labor theory stated that the price of a good reflected the amount of labor and resources required to bring it to market. Smith believed diamonds were more expensive than water because they were...

Diamonds are more expensive than water because they are hard to find in comparison to water. Water bodies are everywhere we look; it is hard to go somewhere without seeing a river or a lake.

The marginal utility of one bottle of water may be £1. But, in your lifetime, you may buy 5,000. In this case, the total utility of water is £5,000. Therefore, the total utility of water is greater than diamonds – even though diamonds are more expensive.

In this context, the marginal utility of water is lower than that of diamonds. This explain why diamonds are more expensive than water. Marginal utility Graph But the prices of commodities, be it diamonds or water, have also other origin: namely, the intervention or non-intervention of governments, depending on what particular economic system is in force.

Therefore, any particular unit of water becomes worth less to people as the supply of water increases. On the other hand, diamonds are in much lower supply. They are of such low supply that the...

At low levels of consumption, water has a much higher marginal utility than diamonds and thus is more valuable. People usually consume water at much higher levels than they do diamonds and thus the marginal utility and price of water are lower than that of diamonds.

Diamonds, however, are scarce. Because they are harder to find and attain, our marginal utility (additional satisfaction), for adding a diamond to our collection is much higher than someone...

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