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 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:
o Title of paper
o Student’s name
o Course name and number
o Instructor’s name
o 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 in addition to the course text.
· Must document any information used from sources in APA style
· Must include a separate references page that is formatted according to APA