We would expect the total utility of diamonds to be <u>lower</u> than the total utility of water and the marginal utility of diamonds to be <u>higher</u> than the marginal utility of water.
<u>Explanation:</u>
The diamond-water paradox presents the puzzling predictions: while water is definitely essential to human existence because without water life can not function, the water price is relatively low. Alternatively, diamonds are actually far less essential to human life, but diamond prices are considerably higher. Thus the effectiveness obtained from water is evidently very high while the utility extracted from diamonds is considerably less.
Here total utility is the aggregate satisfaction of desires and needs gathered from the consumption of a good while marginal utility is the additional satisfaction of desires and needs received from the consumption of one additional unit of good.
Answer:
$2,400
Explanation:
Total production Cost:
= Direct materials and direct labor + Indirect materials and indirect labor + Insurance on manufacturing equipment
= $7,000 + $2,000 + $3000
= $12,000
Amount should be reported as inventory in the company’s year-end balance sheet:
= (Total production Cost ÷ Units manufactured) × (Units manufactured - Units sold)
= ($12,000 ÷ 1,000) × (1,000 - 800)
= $12 × 200
= $2,400
With the current
exchange rate provided by the word bank, 1 US dollar would be the equivalent of
64.43 Indian Rupees or INR. By knowing this exchange rate, you can simply
divide the given amount which is 862,800 Indian Rupees by 64.43 INR. After dividing
the two amounts, you will probably have 13,391.28 as your answer. There are a
lot of ways in the digital age to convert currencies right now. However, when
you exchange your money in exchange centers,do not expect to have the same
amount you just calculated since you will be paying for a few taxes and service
fees.
