{"id":29576,"date":"2015-04-26T10:20:46","date_gmt":"2015-04-26T10:20:46","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=29576"},"modified":"2024-04-03T13:16:34","modified_gmt":"2024-04-03T07:46:34","slug":"diamond-water-paradox","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/diamond-water-paradox\/","title":{"rendered":"Diamond-Water paradox"},"content":{"rendered":"<p style=\"text-align: center;\"><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Diamond-Water-paradox.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-29674\" src=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Diamond-Water-paradox.jpg\" alt=\"Diamond-Water paradox\" width=\"275\" height=\"183\" \/><\/a><\/p>\n<p>Have you ever thought why you pay a higher price for what that only looks shiny and sparkles than what that sustains your life?<\/p>\n<p>So here\u2019s Diamond- Water Paradox. What is it?<\/p>\n<p>Across the globe, we will see that between water and diamond, diamond is the one that commands a higher price in the economy. Even after we know that our life is sustained by water not by diamonds, people are willing to pay even a higher price for the diamonds. This is Diamond-Water Paradox.<\/p>\n<p>Why is it so?<\/p>\n<p>It all depends upon the marginal utility. Marginal utility is the additional utility obtained from consuming an extra unit of a good. So, no doubt, people are only willing to pay for that good from which they are able to attain a higher marginal utility.<\/p>\n<p>Now, as we all know that a plenty of water is available in most parts of the world, it is not scarce. On the other hand, diamond is very scarce, it is harder to find and attain.<\/p>\n<p>That\u2019s why, the utility from attaining an extra piece of diamond is much higher than the utility attainable from an extra glass of water. So people pay for diamonds. However, if a person is really thirsty, this paradox does not apply there.<\/p>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/certifications\">Click here for government certifications<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Have you ever thought why you pay a higher price for what that only looks shiny and sparkles than what that sustains your life? So here\u2019s Diamond- Water Paradox. What is it? Across the globe, we will see that between water and diamond, diamond is the one that commands a higher price in the economy&#8230;.<\/p>\n","protected":false},"author":470,"featured_media":29674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1560],"tags":[3431,2346,2596],"class_list":["post-29576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arbit","tag-diamond-water-paradox","tag-price","tag-utility"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Diamond-Water paradox - Vskills Blog<\/title>\n<meta name=\"description\" content=\"Diamond-Water paradox; the concept. Apply for a Vskills certification now. Hurry up!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/blog\/diamond-water-paradox\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Diamond-Water paradox - Vskills Blog\" \/>\n<meta property=\"og:description\" content=\"Diamond-Water paradox; the concept. Apply for a Vskills certification now. 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