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How a indifference curve is different from marshellian cardinal utility curve?

Anonymous

∙ 14y ago

Updated: 12/14/2022

Indifference curve: ordinal-based preference structure, based on WARP (weak axiom of revealed preferences).

Marshellian: cardinal-based preference structure.

Wiki User

∙ 14y ago

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Q: How a indifference curve is different from marshellian cardinal utility curve?

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How can one graph indifference curves from utility functions?

To graph indifference curves from utility functions, you can plot different combinations of two goods that give the same level of satisfaction or utility to a consumer. Each indifference curve represents a different level of utility, with higher curves indicating higher levels of satisfaction. By using the utility function to calculate the level of satisfaction at different combinations of goods, you can plot these points to create the indifference curves on a graph.

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.

What are the example of Cardinal utility and ordinal utility?

Cardinal

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

cardinal utility

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)

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Related Questions

How can one graph indifference curves from utility functions?

To graph indifference curves from utility functions, you can plot different combinations of two goods that give the same level of satisfaction or utility to a consumer. Each indifference curve represents a different level of utility, with higher curves indicating higher levels of satisfaction. By using the utility function to calculate the level of satisfaction at different combinations of goods, you can plot these points to create the indifference curves on a graph.

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.

What are the examples of cardinal utility and ordinal utility?

Cardinal

What are the example of Cardinal utility and ordinal utility?

Cardinal

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

cardinal utility

What are the Limitations of cardinal utility?

give the limitations of cardinal utility theory

What is the difference between marginal utility and indifference curve?

Marginal utility is the satisfaction a consumer receives from consuming an additional unit of a good The indifference curve shows different combinations of 2 goods that the consumer is indifferent towards

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)

What is the tangent between a budget constraint and an indifference curve on an indifference map?

It is the equilibrium point of utility maximization.

Cardinal utility approach?

The cardinal utility approach also known as classical approach is a measurable utility that expressed an exact unit and measurable monetary terms. In welfare economics if a form of utility program routine is cardinal, interpersonal comparisons of utility differences are allowed.

What is the similarity between cardinal utility theory and ordinal utility theory?

When discussing cardinal vs. ordinal, it is helpful to look at what the words mean. The distinguishing factor here is between cardinal and ordinal numbers. Cardinal numbers are 1, 2, 3; ordinal numbers, 1st, 2nd, 3rd. Some crucial differences follow from that. Whereas mathematical operations can be performed on cardinal numbers, they cannot be performed on ordinal numbers. Now, when talking about cardinal utility, it is an attempt to ''measure the utility of various alternatives. When talking about ordinal utility, it is the ''ranking of alternatives.'''' Cardinal utility is, however, an erroneous concept. It is impossible to "measure" utility. People can only say "I prefer A to B", but cannot meaningfully say "I prefer A 2.5 times more than B" or something to that effect. Furthermore, comparisons of utility between different individuals are impossible and meaningless, as well as between the same individual at different points in time (as individuals can and do change their preferences -- that is, ordinal value-scale rankings). Because value is subjective, we cannot measure it and cannot compare between two different people, or even between the same person at different times. To clarify, ordinal utility culminates in value-scales: 1st: A2nd: B3rd: C whereas cardinal utility is the erroneous attempt at measurement: 10utils -- A7utils -- B3utils -- COmar Tawfik.

Why is indifference curve a closed set?

Indifference curve is a set of all the consumption bundles which are indifferent in the level of utility each bundle provide. Any bundle which provide higher utility will form another IC. Thus Indifference curve is a closed set.

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