Posted: December 9th, 2022

The law of diminishing marginal utility

  

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Prior to beginning work on this discussion, read Farah Mohammed’s article, Why Are Diamonds More Expensive Than Water? ( https://daily.jstor.org/diamonds-expensive-water/ ) , as well as Chapter 5 in your textbook, especially Sections 5.1 and 5.3, and respond to the following:

· Describe the relationship between total utility and marginal utility.

· Explain if marginal utility can be negative.

· Examine the diamond-water paradox. Why are diamonds more expensive than water?

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· Evaluate the law of diminishing marginal utility.

· Identify some items, explaining your reasoning, that do not follow the law of diminishing marginal utility.

· Evaluate how the law of diminishing marginal utility can explain the diamond-water paradox.

The Law of Diminishing Marginal Utility paper

· Must be three to five double-spaced pages in length (not including title and references pages) and formatted according to APA style 

· Must include a separate title page with the following:

o Title of paper

o Student’s name

o Course name and number

o Instructor’s name

o Date submitted

· Must utilize academic voice. 

· Must include an introduction and conclusion paragraph. Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.

· Must use at least three scholarly, peer-reviewed, and/or other credible sources in addition to the course text.

· Must document any information used from sources in APA style 

· Must include a separate references page that is formatted according to APA 

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