Principles of political economy . ThisD X diminishing utility of a desirable ob-ject is sometimes illustrated by means of a diagram, of whichthe above will serve as a sample. Let us measure the quantity of a certain commodity alongthe line OX, and the intensity of the desire for it along the lineOY. When the quantity is represented, for example, by theline OG, each unit is desired with an intensity represented bythe line OE; and when the quantity is represented by the lineOH, the desire is so well satisfied that the intensity of thedesire is now represented by the line OF. If the quantity were
Principles of political economy . ThisD X diminishing utility of a desirable ob-ject is sometimes illustrated by means of a diagram, of whichthe above will serve as a sample. Let us measure the quantity of a certain commodity alongthe line OX, and the intensity of the desire for it along the lineOY. When the quantity is represented, for example, by theline OG, each unit is desired with an intensity represented bythe line OE; and when the quantity is represented by the lineOH, the desire is so well satisfied that the intensity of thedesire is now represented by the line OF. If the quantity wereto increase until it was represented by the line OD, all desireswould be satiated; that is, the desire for any particular unit ofthe supply would have no intensity, — there would be no desireleft. And, finally, if the quantity were to increase still farther,the commodity might be considered as a nuisance, and menmight begin to desire to have less of it rather than curve A BCD becomes the utility curve according to the. VALUE 279 assumptions. Just what shape this curve would take in anyindividual case would be hard to determine. One thing, how-ever, is certain, — and this is the really essential thing, — that,whatever its shape, it is a descending curve. Its distance fromthe line OX diminishes as we approach the point D. That isas certain as that a desire is satiable. Therefore we are safein using a descending curve to illustrate the decline in theintensity of the desire for a commodity as the quantity of thecommodity increases in proportion to the number of peoplewho desire it. The total utility of the commodity is represented by thesurface bounded by the lines OX^ OY, and the curve ABCD. Y A
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