Change: *MU of water (low) / Price of Water (low) = MU of diamonds (high) / Price of diamonds (high) The Totaltotal utility of water is high since it is consumed in large quantities. On the other hand, the total utility of diamonds is lower than   View changes from previous version. (Word count: 413)

Change: The relative prices of water and diamonds is related to the marginal utility, not total utility.This paradox is illustrated in the graph below: The Value of Time: consumption and production both take time, a valuable economic commodity different people rate time with differing importance; businessmen who   View changes from previous version. (Word count: 379)

Change:  In developing countries they would consider goods very highly prized and carefully used, whereas in the developed countries they consider time as the most valuable factor. Medical Care Purchases: insurance allows the consumer to pay less of the actual price,   View changes from previous version. (Word count: 351)

Change: There were only format changes (bold, italics, etc.) in this version. See this version for details. (Word count: 325)

Change: would Cash and Noncash Gifts:people are incredibly different and hence would gain satisfaction with different things. The reason people would prefer cash gifts is they can spend the cash on products or services they may enjoy more than a noncash gift they receive worth the same amount of money.   View changes from previous version. (Word count: 286)

Change: Based on the supply relativity, diamonds are much more rare and costly to produce than water; hence one of the reasons why the price is much greater despite being a luxury good. Also, water provides less marginial utility than diamonds; thus, based on the utility maximizing rule provided above (in   View changes from previous version. (Word count: 173)

Change:  theDVDs and DVD Players: The Diamond-Water Paradox: theThe Value of Time: Medical Care Purchases: Cash and Noncash Gifts:   View changes from previous version. (Word count: 19)

Change: the Diamond-Water Paradox:the Value of Time:   View changes from previous version. (Word count: 8)