Total utility and marginal utility
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 as outlined in the Ashford Writing Center’s APA Style resource.
Must include three quotes.
Must include a separate title page with the following:
Title of paper
Course name and number
For further assistance with the formatting and the title page, refer to APA Formatting for Word 2013.
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 (https://writingcenter.ashford.edu/introductions-conclusions?_ga=2.216864403.483053931.1588293229-96317537.1568698528) as well as Writing a Thesis Statement (https://writingcenter.ashford.edu/writing-a-thesis?_ga=2.216864403.483053931.1588293229-96317537.1568698528), refer to the Ashford 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.
Must document any information used from sources in APA style as outlined in the Ashford 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 Ashford Writing Center.
Carefully review the Grading Rubric (https://au.waypointoutcomes.com/assessment/25278/preview) for the criteria that will be used to evaluate your assignment.
*NOTE FOR SOURCES:
- only use online sources (no physical books)
- include links to all sources — “Retrieved from (link)”