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ECO 204 Ashford University Law Diminishing

Question Description

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.)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 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 (Links to an external site.)Links to an external site..
  • 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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