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Use the law of diminishing marginal utility to explain the diamond-water paradox.

parneetgill

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Use the law of diminishing marginal utility to explain the diamond-water paradox.

Question 1.

Suppose Lois usually buys two cups of coffee for two dollars each and one scone for two dollars each. If the price of scones falls to one dollar each and she now buys two cups of coffee and two scones, this illustrates the

• total utility effect.

• substitution effect.

• real-income effect.

• marginal rate of substitution.

Question 2.

Use the law of diminishing marginal utility to explain the diamond-water paradox.

Textbook

Economics Today: The Micro View

Edition: 19^th

Author: Miller

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More solutions for this book are available here

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