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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

  • 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.

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