The Relationship Between Total Utility And 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? (Links to an external site.) 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 Ashford Writing Center’s APA Style resource (Links to an external site.).
Must include a separate title page with the following:
Title of paper
Student’s name
Course name and number
Instructor’s name
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.
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.
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