Discussion Post: The Law of Diminishing Marginal Utility
Prior to beginning work on this discussion, read Farah Mohammed's article, Why Are Diamonds More Expensive Than Water? and respond to the following:
a) Describe the relationship between total utility and marginal utility.
b) Explain if marginal utility can be negative.
c) Examine the diamond-water paradox. Why are diamonds more expensive than water?
d) Evaluate the law of diminishing marginal utility.
e) Identify some items, explaining your reasoning, that do not follow the law of diminishing marginal utility.
f) Evaluate how the law of diminishing marginal utility can explain the diamond-water paradox.
The response must include a reference list. One-inch margins, double-space, Using Times New Roman 12 pnt font and APA style of writing and citations.