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Human wants are unlimited and they are of different intensity. The means at the disposal of a man are not only scarce but they have alternative uses. As a result of scarcity of recourses, the consumer cannot satisfy all his wants. He has to choose as to which want is to be satisfied first and which afterward if the recourses permit. The consumer is confronted in making a choice.
For example, a man is thirsty. He goes to the market and satisfy his thirst by purchasing coca cola instead of tea. We are here to examine the economic forces which make him purchase a particular commodity. The answer is simple. The consumer buys a commodity because it gives him satisfaction. In technical term, a consumer purchases a commodity because it has utility for him. We now examine the tools which are used in the analyzes of consumer behavior.Type your answer here...
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Differences between cardinal and ordinal utility approach?
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.
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
Ordinal approach in economics?
ordinal approach
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
Differences between cardinal and ordinal utility approach?
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.
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
Is five a ordinal or a cardinal number?
'Five' is cardinal, 'fifth' is ordinal.
Is five a cardinal or an ordinal number?
Cardinal. 5th would the be corresponding ordinal number.A cardinal number.
What rhymes with ordinal?
cardinal rhymes with ordinal
Is fifth a ordinal number or a cardinal?
'Fifth' is the ordinal number of the cardinal number 5.
Is number seven a cardinal or ordinal number?
7 is cardinal. '7th' is the ordinal form of 7.
Is the number 5 ordinal or cardinal?
The number 5 is cardinal. The ordinal form would be 5th
Ordinal approach in economics?
ordinal approach
Is 50 an ordinal or a cardinal number?
50 is a cardinal number. The ordinal form of 50 is 50th or fiftieth.
Are westnortheastand south cardinal or ordinal?
They are cardinal directions.
What are the examples of cardinal utility and ordinal utility?
Cardinal
