Image:Diamond-Water paradox.png

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Description

Description

This graph shows the marginal utility (measured in en:utils) of en:diamonds and en:water as a function of the amount consumed. As a person consumes (buys) more and more diamonds or water each additional unit of diamonds or water results in a lower marginal utility. This is phenomenon is known as the law of diminishing marginal utility.

The graph makes it clear that person derives much more utility from the first units of water than the first units of diamonds (the first units of water keep the person from dehydrating and thus have a much higher marginal utility). The person, however, is consuming 63 units of water and is only deriving 80 utils of utility for the last unit of water. Meanwhile, the person is consuming just 12 units of diamonds and is deriving 235 utils from the 12th diamond.
Source

Creation

I (Renaissance Man) created this graph in en:MATLAB. It is loosely based on this diagram. Changes can and will be made upon request.
Date
Author

User Renaissance Man on en.wikipedia
Permission
(Reusing this image)
Renaissance Man, the copyright holder of this work, has published or hereby publishes it under the following license:
GNU head Permission is granted to copy, distribute and/or modify this document under the terms of the GNU Free Documentation license, Version 1.2 or any later version published by the Free Software Foundation; with no Invariant Sections, no Front-Cover Texts, and no Back-Cover Texts. A copy of the license is included in the section entitled "GNU Free Documentation license".

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Other versions

Originally from en.wikipedia; description page is (was) here

* 20:45, 27 April 2006 [[:en:User:Renaissance Man|Renaissance Man]] 1200×900 (35,166 bytes) <span class="comment">(==Description== This graph shows the [[:en:marginal utility]] (measured in [[:en:utils]]) of [[:en:diamonds]] and [[:en:water]] as a function of the amount consumbed. As a person consumes (buys) more and more diamonds or water each additional unit of diamonds)</span>

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File history

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current08:49, 22 August 20061,200×900 (34 KB)Platonides ({{Information| |Description= ==Description== This graph shows the marginal utility (measured in en:utils) of en:diamonds and en:water as a function of the amount consumed. As a person consumes (buys) more and more diamon)
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