--%>

Paradox of Value-total utility and marginal utility

I have a problem in economics on Paradox of Value-total utility and marginal utility. Please help me in the following question. Water is more precious than diamonds when measured by _____, however less valuable when measured by _____. (i) Total cost, total benefit. (ii) Marginal cost, marginal benefit or utility. (iii) Total utility, marginal utility. (iv) Average utility, average cost. (v) Average cost, average total profit per unit.

Find out the most appropriate option from the above.

   Related Questions in Macroeconomics

  • Q : What is Equilibrium quantity

    Equilibrium quantity: It is the quantity supplied and the quantity demanded at equilibrium price.

  • Q : Diminishing prices raising total revenue

    Diminishing prices will raise total revenue from DVD game sales at each and every price: (1) On this demand curve. (2) Beneath $25. (3) Above $25. (4) Beneath $30.

    Q : How central bank reduce the

    Describe any two measures by which a Central Bank can attempt to decrease the gap. Answer: Central bank can decrease this gap by adopting two measures illustrated b

  • Q : Perfectly substitutable outcome Firms

    Firms which serve customers who vision the firm’s output as perfectly substitutable for the outcomes of huge numbers of other firms confront: (i) Horizontal (that is, perfectly price elastic) demand curves. (ii) Predatory pricing from greater mo

  • Q : How banking evolved into the

    Give a short history of how banking evolved into the sophisticated operation. Start first with the Goldsmith and sum up with the Banking system which we experience nowadays.

  • Q : Full-employment Define the "

    Define the "full-employment" or "natural" rate of unemployment and give its approximate percentage rate as economists currently define it.

  • Q : Problem on rational consumption

    Whenever you dine at an “all-you-can-eat” buffet, the rational consumption prototype is to carry on eating till: (1) The restaurant goes bankrupt. (2) You have eaten as much food as it would encompass cost had you made your own meal at hom

  • Q : Meaning of SWOT Analysis SWOT Analysis

    SWOT Analysis: SWOT analysis is a powerful tool to know the strengths, weaknesses, opportunities and threats for any company. The company itself does SWOT analysis so as to know where they are standing vis-a-vis their competitors and what are the area

  • Q : Shortage of the good Describe when

    Describe when there will be a shortage of the good?

  • Q : Is sale of scooter is national income

    Describe whether the sale of old scooter is comprised in national income?