Explain the diamond-water paradox and find out in the literature how economists have later solved this paradox.

You are advised to make your work clear and well-presented; marks may be

reduced for poor presentation. This includes filling your information on the cover

page.

Ø The work should be your own, copying from students or other resources will

result in ZERO marks.

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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.

Dear Students,

Go through the instructions and submit no later than 09/30/2020.

• Your essay is required to be two to three pages in length, which does not include the title page and reference pages, which are never a part of the content minimum requirements.
• Support your submission with course material concepts, principles, and theories from the textbook and external reliable sources. Use the Saudi Digital Library to find your resources.
• Use Saudi Electronic University academic writing standards.
• The assignment is graded ZERO if Plagiarism percentage exceeds 20%.

I don’t want percentage similarity

The answer will be in the same file that was sent