Why would an ounce of gold be priced higher than an ounce of coffee beans, even though coffee is generally considered more essential than gold? | Cheap Nursing Papers
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Why would an ounce of gold be priced higher than an ounce of coffee beans, even though coffee is generally considered more essential than gold?

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Why would an ounce of gold be priced higher than an ounce of coffee beans, even though coffee is generally considered more essential than gold? Please use the diamond-water paradox to explain what effects this would have in terms of the total utility and the marginal utility of coffee and gold.

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