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although water is useful yet it is cheap on the contrary diamond are not much of use still it is very expensive. give any economic reason for this

Posted by Bhavika Bohra 7 years, 6 months ago

CBSE > Class 12 > Economics

2 answers

Shivangi Goel 7 years, 6 months ago

I hope the answer may be clear to u.....

Shivangi Goel 7 years, 6 months ago

Water comes in our necessaries so it is inelastic in demand rises in price of water may not lead to fall in demand so it is cheap frm the point of social welfare........but Diamond is a luxary good so it elastic in demand and also a article of distinction so law of demand also faills in this case thus high price of diamond leads to its demand......

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