  Colors are used as effective tools of representing and transferring
information. Number of colors in a palette is the direct arbiter of the
information conveying capacity. Yet it should be well elaborated, since
increasing the entropy by adding colors comes with its cost on decoding.
Despite the possible effects upon diverse applications, a methodology for
cost-effectiveness evaluation of palettes seems deficient. In this work, this
need is being addressed from an information-theoretical perspective, via the
articulated metrics and formulae. Besides, the proposed metrics are computed
for some developed and known palettes, and observed results are evaluated.
