Microeconomics assignment | Economics homework help

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Prior to beginning work on this discussion, read Farah Mohammed’s article, Why Are Diamonds More Expensive Than 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 a separate title page with the following:
    • Title of paper
    • Student’s name
    • Course name and number
    • Instructor’s name
    • Date submitted
  • 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.
  • 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. 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.
  • 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. See the Formatting Your References Listresource in the Ashford Writing Center for specifications.