Prior to beginning work on this discussion, read Farah Mohammeds article, , 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 as outlined in the Writing Centers resource.
- Must include a separate title page with the following:
- Title of paper
- Students name
- Course name and number
- Instructors name
- Date submitted
- For further assistance with the formatting and the title page, refer to .
- Must utilize academic voice. See the 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.
- For assistance on writing as well as , refer to the Writing Center resources.
- Must use at least three scholarly, peer-reviewed, and/or other credible sources in addition to the course text.
- The table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. Your instructor has the final say about the appropriateness of a specific source for a particular assignment.
- Must document any information used from sources in APA style as outlined in the Writing Centers guide.
- Must include a separate references page that is formatted according to APA style as outlined in the Writing Center. See the resource in the Writing Center for specifications
