microeconomics

The Law of Diminishing Marginal Utility

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

Prior to beginning work on this discussion, read Farah Mohammeds article, , 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 page in length (not including title and references pages) and formatted according to  as outlined in the Writing Centers 
• Must include a separate title page with the following:
  • Title of paper in bold font
    • Space should appear between the title and the rest of the information on the title page.
  • Students name
  • Name of institution (University of Arizona Global Campus)
  • Course name and number
  • Instructors name
  • Due date
• Must utilize academic voice. See the  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  as well as , refer to the Writing Center resources.
• Must use at least three scholarly and/or credible sources in addition to the course text.
  • The  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.
  • To assist you in completing the research required for this assignment, view the  tutorial, which introduces the University of Arizona Global Campus Library and the research process, and provides some library search tips.
• Must document any information used from sources in APA Style as outlined in the Writing Centers 
• Must include a separate references page that is formatted according to APA Style as outlined in the Writing Center. See the resource in the Writing Center for specifications.

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