
Macroeconomics 14th Edition by William Baumol,Alan Blinder,John Solow
Edition 14ISBN: 978-1337794985
Macroeconomics 14th Edition by William Baumol,Alan Blinder,John Solow
Edition 14ISBN: 978-1337794985 Exercise 4
*Are prices an accurate measure of a good's total value? Are prices an accurate measure of a good's marginal value? What's the difference? Can you think of a good that has high total value but low marginal value? Use this concept to explain why professional wrestlers earn more than nurses, despite the fact that it is virtually certain that nurses create more total value for society than do wrestlers.
Explanation
Total value of a commodity is the market...
Macroeconomics 14th Edition by William Baumol,Alan Blinder,John Solow
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