Relationship between total utility and marginal utility


Assignment:

Prior to beginning work on this discussion, read Farah Mohammed's article, Why Are Diamonds More Expensive Than Water? As well as 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.

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Microeconomics: Relationship between total utility and marginal utility
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