Henry Spearman's Analysis

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In the book, Henry Spearman went to a store to buy his wife a paring knife for Christmas. His daughter questioned why he would buy a knife instead of a bracelet because the bracelet would give her mother more satisfaction. Then, Henry rejected her suggestion to get the bracelet and went into explaining how the paring knife would give greater utility than the piece of jewelry. Spearman suggested “A new paring knife might save her an average of five minutes a day, or possibility a half hour a week (Jovens 55), which explains the gains his wife would receive, maximizing her utility. She doesn’t need to spend all her time cutting oranges when she could be using that time for something else which opportunity cost. Spearman’s wife has more time for

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