Question: Each mark requires a point stated. Example: 6 marks requires 6 facts/points stated. QUESTION 2 (20 Marks) a) Discuss the conflict between value in use

Each mark requires a point stated. Example: 6 marks requires 6 facts/points stated.

QUESTION 2 (20 Marks)

a) Discuss the conflict between "value in use" and "value in exchange" in "diamond-water paradox". (6 marks)

b) Explain why Adam Smith (Classical School) failed to solve the "diamond-water paradox" and how it was finally solved by William Stanley Jevons from the Marginalist School. (8 marks)

c) By using an example, speculate on how you think Adam Smith (Classical School), Jevons (Marginalist School) and Alfred Marshall (Neo-classical School) would respond to the following question: Do pearls have value because people dive for them, or do people dive for pearls because pearls have value? (6 marks)

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