ASSIGNMENT HELP | Describe the relationship between total utility and marginal utility.

Please include the following sources:
Amacher, R. and Pate, J. (2019). Principles of microeconomics (2nd ed.). Retrieved from https://content.ashford.edu

Mohammed, F. (2018, February 12). Why are diamonds more expensive than water?
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JSTOR Daily. Retrieved from https://daily.jstor.org/diamonds-expensive-water/

Prior to beginning work on this discussion, read Farah Mohammed’s article, Why Are Diamonds More Expensive Than Water?

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, 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
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.
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
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Must utilize academic voice. See the Academic Voice
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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 Introductions & Conclusions
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as well as Writing a Thesis Statement
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, refer to the Ashford Writing Center resources.
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
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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
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.
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 List
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resource in the Ashford Writing Center for specifications.
Carefully review the Grading Rubric
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for the criteria that will be used to evaluate your assignment.

SAMPLE SOLUTION

In economics, there is always a debate as to whether the value should determine the price of products being supplied in the market. In real-life situations, it is easy to find products that are “valuable” in the sense that they are necessary for everyday use yet are cheaper priced as compared to products deemed less used in the market. Additionally, the value attached o a given product is often dictated by how easy it is to access such a product or how difficult it is to find the product in the supply chain (Mohammed, 2018). This task will examine the correlation of total and marginal utilities and whether the latter can be negative. Additionally, the task seeks to critically provide an in-depth analysis of the diamond-water case and how the diminishing rule of marginal utility can be used to explain the phenomenon of diamond-water value.

How Total Utility (TU) relates to Marginal Utility (MU) TU is the total gratification obtained from using goods or service in totality while MU is the benefit obtained when a person consumes an additional product/service unit. As such, an increase in a product’s total utility may lead to a reduction in a product’s marginal utility. Consequently, when total utility goes to…