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Examine the diamond-water paradox

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Reference no: EM132898052

Question 1: Describe the relationship between total utility and marginal utility.

Question 2: Explain if marginal utility can be negative.

Question 3: Examine the diamond-water paradox. Why are diamonds more expensive than water?

Question 4: Evaluate the law of diminishing marginal utility.

Question 5: Identify some items, explaining your reasoning, that do not follow the law of diminishing marginal utility.

Question 6: Evaluate how the law of diminishing marginal utility can explain the diamond-water paradox.

Reference no: EM132898052

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