The Law of Diminishing Marginal Utility

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 dimini​‌‌‌‍‍‌‍‍‌‌‍‌‌‍‌‌‌‍‍​shing 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​‌‌‌‍‍‌‍‍‌‌‍‌‌‍‌‌‌‍‍​.

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