\documentclass[tikz,border=3.14mm]{standalone}
\usetikzlibrary{intersections,positioning,fit,shapes.geometric,calc}
\begin{document}
\begin{tikzpicture}
\draw[latex-latex] (0,6) node[left]{$y$} -- (0,0) coordinate(O) -- (8,0) node[below]{$x$};
\draw[name path=curve] plot[variable=\x,domain=1:6] ({\x},{exp((\x-1)/6+(\x-1)^2/33)});
\foreach \X [count=\Y]in {1,2.5,4,5.5}
{\path[name path=vert-\Y] (\X,0) -- (\X,6);
\draw[dashed, name intersections={of=curve and vert-\Y}]
(O -| intersection-1) coordinate(b-\Y) -- (intersection-1)
coordinate(int-\Y) --
(O |- intersection-1) coordinate(l-\Y);
\ifnum\Y>1
\pgfmathtruncatemacro{\Z}{\Y-1}
\draw[-latex] ([yshift=0.5cm]b-\Z) --([yshift=0.5cm]b-\Y) node[midway,below]
{$P_{i\Z}$};
\draw[-latex] ([xshift=-0.15cm]l-\Z) --([xshift=-0.15cm]l-\Y)
node[midway,left] {$\Delta Z_{i\Z}$};
\draw[blue] (int-\Z) -- (int-\Y);
\fi
}
\draw[-latex] ([xshift=-0.15cm]O) --([xshift=-0.15cm]l-1)
node[midway,left] {$\Delta Z_{i\mathrm{unreadable}}$};
\node[below=1mm of b-1] {$P_{i,\mathrm{min}}$};
\node[below=1mm of b-4] {$P_{i,\mathrm{max}}$};
\path let \p1=($(int-2)-(int-1)$),\n1={atan2(\y1,\x1)} in
node[dashed,draw,ellipse,fit=(int-1) (int-2),rotate fit=\n1](ellipse){};
\draw ($(int-1)+(0,2)$) coordinate (t1) -- ($(int-2)+(0,2)$) coordinate(t2);
\draw[dashed] (t1) -- (t1 -| t2) node[midway,below] (P21) {$P_{21}$}
-- node[midway,right]{unreadable} (t2);
\draw[-latex] (ellipse) -- (P21);
\end{tikzpicture}
\end{document}