Answer to Question #80715 in Microeconomics for Diamond Phan

Question

1) How can your time be incorporated into the theory of consumer behavior? Explain the following comment: “Want to make millions of dollars? Devise a product that saves Americans lots of time.”
2) Explain the water-diamond paradox. Why is water, which is essential to life, so cheap, while diamonds, which are not at all essential, are so expensive?

Answer 1

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