What is utility measured in?
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Economists believe that:
A. Utility is impersonal and objective.
B. Utility is personal and subjective.
C.Utility can be measured like temperature.
Ā
State how risk aversion is defined and measured under expected utility.
4) The paradox of value as it applies to diamonds and water can be explained by A) distinguishing between utility and price. B) distinguishing between total utility and marginal utility. C) water having a high level of marginal utility relative to diamonds. D) the fact that utility can't be measured. E) water having a low price relative to diamonds.