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Ben spends $50 a year on 2 bunches of flowers and $50 a year on 10,000 litres of...
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Ben spends $50 a year on 2 bunches of flowers and $50 a year on 10,000 litres of water. Ben is maximizing utility and his marginal utility from water is 0.5 units per litre. Does Ben's expenditure on flowers and water illustrate the paradox of value?It illustrates the paradox of value because Ben's marginal utility from flowers is ________ his marginal utility from water, and his total utility from flowers is ________ than his total utility from water.
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