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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

List five sets of two goods each (i.e., each set is composed of two goods; for example, diamonds and water make up one set) such that the good with the greater value in use has a lower value in exchange than does the good with the lower value in use.

To determine

Identify the goods with greater value in use and has a lower value in real exchange.

Explanation

There are certain things with the highest value in use, which frequently have little or no value in real exchange, but the things with the highest value in real exchange frequently have little or no value in use. For example, water and diamond, water is a necessity good and diamond is not a necessity good in the day-to-day life. However, diamond has a higher price in the market than water...

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