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The Law of Diminishing Marginal Utility
[WLO: 3] [CLOs: 1, 2, 3]
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?
- 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 double-spaced pages in length (not including title and references pages) and formatted according to APA style as outlined in the Ashford Writing Center’s APA Style resource
- 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 (Links to an external site.).
- Must utilize academic voice. See the Academic Voice (Links to an external site.) resource for additional guidance.
- 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 as outlined in the Ashford Writing Center’s Citing Within Your Paper guide (Links to an external site.).
- Must include a separate references page that is formatted according to APA style as outlined in the Ashford Writing Center. See the Formatting Your References List (Links to an external site.) resource in the Ashford Writing Center for specifications.