Answer to Question #158506 in Microeconomics for Paula Feldman

Question

For a car and a vacation. Which has the higher exchange value and use value

Answer 1

Value-In-use refers to the utility of the commodity in day to day life.

Whereas value-in-Exchange refers to the worth of commodity expressed in terms of price.

For use of car will be higher in value in use .

And vacation will higher value in exchange.