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File:Diamond-Water paradox.png

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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 I (Renaissance Man) created this graph in en:MATLAB. It is loosely based on this diagram. Changes can and will be made upon request.
Author User Renaissance Man on en.wikipedia
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(Reusing this file)
Renaissance Man at the English-language Wikipedia, the copyright holder of this work, 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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w:en:Creative Commons
attribution share alike
This file is licensed under the Creative Commons Attribution-Share Alike 1.0 Generic license.
You are free:
  • to share – to copy, distribute and transmit the work
  • to remix – to adapt the work
Under the following conditions:
  • attribution – You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
  • share alike – If you alter, transform, or build upon this work, you must distribute the resulting work under the same license as the original.
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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>
 
This diagram was created with MATLAB.
This graph image could be re-created using vector graphics as an SVG file. This has several advantages; see Commons:Media for cleanup for more information. If an SVG form of this image is available, please upload it and afterwards replace this template with {{vector version available|new image name}}.


It is recommended to name the SVG file “Diamond-Water paradox.svg”—then the template Vector version available (or Vva) does not need the new image name parameter.

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Date/TimeThumbnailDimensionsUserComment
current08:49, 22 August 2006Thumbnail for version as of 08:49, 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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