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”
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
Essay is required to be two to three pages in length
Support your submission with course material concepts, principles, and theories from the textbook (O’Sullivan, A., Sheffrin, S. M., & Perez, S. J. (2020). Survey of Economics: Principles, Applications, and Tools. (8th). Upper Saddle River, NJ: Pearson Education. ISBN-10: 0135230756 • ISBN-13: 978013523075) and external reliable sources.
Plagiarism percentage <5%.
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