Prior to beginning work on this discussion, read Farah Mohammed's article, Why Are Diamonds More Expensive Than Water?Links to an external site., 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.