The Law of Diminishing Marginal Utility?

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? (Links to an external site.), 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 Writing Center’s APA Style (Links

to an external site.) resource.

• 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

• For further assistance with the formatting and the title page, refer to APA Formatting

for Microsoft Word (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.

o For assistance on writing Introductions & Conclusions (Links to an external site.)

as well as Writing a Thesis Statement (Links to an external site.), 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.

o The Scholarly, Peer-Reviewed, and Other Credible Sources (Links to an external

site.) 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 Center’s Citing Within Your Paper (Links to an external site.) guide.

• Must include a separate references page that is formatted according to APA style as

outlined in the Writing Center. See the Formatting Your References List (Links to an

external site.) resource in the Writing Center for specifications.