Prior to beginning work on this discussion, read Farah Mohammed’s article, Why Are Diamonds More
Expensive Than Water? (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:
Amacher, R. & Pate, J. (2019). Principles of microeconomics (2nd ed.). Retrieved from
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
The post The Law of Diminishing Marginal Utility appeared first on nursing writers.