SEU Value in Use and Value in Exchange Commodity Economics Case Study

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Help me study for my Economics class. I’m stuck and don’t understand.

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1. Understand the difference between value in use and value in exchange
2. Explain how the classical economists responded to the paradox of value
3. Explain the role of the marginal utility theory in solving the paradox of value
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.

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