If life were of infinite value, trading a life for two new lives would be a meaningless operation - infinity times two is equal to infinity. Not unless by "life has infinite value" you actually mean "everything else is worthless".
Not quite so! We could presume that value isn't restricted to the reals + infinity, but say that something's value is a value among the ordinals. Then, you could totally say that life has infinite value, but two lives have twice that value.
But this gives non-commutativity of value. Saving a life and then getting $100 is better than getting $100 and saving a life, which I admit seems really screwy. This also violates the Von Neumann-Morgenstern axioms.
In fact, if we claim that a slice of bread is of finite value, and, say, a human life is of infinite value ...
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