The Law of Diminishing Marginal Utility
Prior to beginning work on this discussion, read Farah Mohammed’s article, Why Are Diamonds More Expensive Than 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?
- 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:
- Title of paper
- Student’s name
- Course name and number
- Instructor’s name
- Date submitted
- For further assistance with the formatting and the title page, refer to APA Formatting for Word 2013 .
- 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 include a separate references page that is formatted according to APA style.
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