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Differences between cardinal and ordinal utility approach?

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Anonymous

 ∙ 10y ago
Updated: 4/28/2022

A difference is that with ordinal utility approaches, you cannot numerically measure the level of consumer satisfaction. With cardinal utility approaches, you can to an extent.

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 ∙ 10y ago

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Differentiate between cardinal and ordinal theories of consumer behavior?

. Cardinal Approach refers that you can calculate or Measure the utility (degree of satisfaction) Numerically, while According to ordinal approach you can not measure the utility numerically. 2. Cardinal Approach follow the Law of Diminishing Marginal Utility while Ordinal Approach follow the Indifference Curve. 3.Cardinal Approach Emphasis on units while ordinal approach is based on rank.

A Explain the difference between cardinal and ordinal approach of consumer behavior?

1. Cardinal Approach refers that you can calculate or Measure the utility (degree of satisfaction) Numerically, while According to ordinal approach you can not measure the utility numerically. 2. Cardinal Approach follow the Law of Diminishing Marginal Utility while Ordinal Approach follow the Indifference Curve. 3.Cardinal Approach Emphasis on units while ordinal approach is based on rank. BY SUMIT SONI(IITTM)

To what extent is the ordinal utility approach an improvement of cardinal approach?

to what extent is ordinal utility approach and improvement cardinal in explaining consumer behaviour in economics

What extent is ordinal utility approach an advantage to cardinal utility approach?

cardinal utility

'Ordinal approach is rational than cardinal approach' critically evaluate this statement?

'Ordinal approach is rational than cardinal approach' This statement is not a properly formed phrase, please ask questions that make sense.

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