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Greatest value in exchange

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Diamond-water paradox helps to explain why the things that have greatest value in use have frequently little or no value in exchange; and on the other hand, those which have the greatest value in exchange have frequently little or no value in use. Use the knowledge you have gained in Microeconomic class, think a pair of goods that are in contrast in terms of the value in use and value in exchange. Explain and solve it using the paradox.

Reference no: EM132542158

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