Cecilia has studied economics and knows about the value and investment potential of diamonds. The price of diamonds has recently decreased, and a new diamond mine has opened nearby. Cecilia decides to buy a diamond necklace while the prices are lower. How did Cecilia’s knowledge of economics help her make a savvy commodity purchase? She knew that diamonds are popular and in high demand. She knew that diamonds are a nonrenewable resource, making them scarce. She knew that the cost of diamonds depends only on the demand. She knew that the purchase of diamonds will satisfy wants and needs.

Question

25-02-2022
Business

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Cecilia has studied economics and knows about the value and investment potential of diamonds. The price of diamonds has recently decreased, and a new diamond mine has opened nearby. Cecilia decides to buy a diamond necklace while the prices are lower. How did Cecilia’s knowledge of economics help her make a savvy commodity purchase? She knew that diamonds are popular and in high demand. She knew that diamonds are a nonrenewable resource, making them scarce. She knew that the cost of diamonds depends only on the demand. She knew that the purchase of diamonds will satisfy wants and needs.

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ewomazinoade ewomazinoade · Answer 1 · 2022-02-28T13:00:53+01:00

Cecilia’s knowledge of economics help her make a savvy commodity purchase because she knew that the purchase of diamonds will satisfy wants and needs.

Why did Cecilia buy the diamonds?

When the price of diamonds decrease, the cost of making a diamond necklace would decline and the price of a diamond necklace would decline.

Also, as a result of the opening of the new diamond mine, the supply of diamond would increase. This would reduce the cost of making a diamond necklace.

For more information about the change in demand, please check: https://brainly.com/question/25871620