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The Law of Diminishing Marginal Utility

The Law of Diminishing Marginal Utility

 

[WLO: 3] [CLOs: 1, 2, 3]

 

Prior to beginning work on this discussion, read Farah Mohammed’s article, Why Are Diamonds More Expensive Than 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 as outlined in the Writing Center’s APA Style resource.

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 Microsoft Word.

Must utilize academic voice. See the Academic Voice 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 Introductions & Conclusions as well as Writing a Thesis Statement, 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 Scholarly, Peer-Reviewed, and Other Credible Sources 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 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 resource in the Writing Center for specifications.

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