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Are flowers or water more valuable to ben

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Reference no: EM132114718

Question: Ben spends $50 a year on 2 bunches of flowers and $50 a year on 10,000 litres of tap water. Ben is maximizing utility and his marginal utility from water is 0.5 unit per litre.

a. Are flowers or water more valuable to Ben?

b. Explain how Ben's expenditure on flowers and water illustrates the paradox of value.

Reference no: EM132114718

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