The concept of utility is a measure of consumer satisfaction.
The concept of utility is a measure of consumer satisfaction.
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.
Utility because it's a term in economics that refers to the total satisfaction received from consuming a good or service.
When we can not measure in terms of money but we can measure of lavel of satisfaction then it is called cardinal approach
The satisfaction a person gets from consumption.
The concept of utility is a measure of consumer satisfaction.
The concept of utility is a measure of consumer satisfaction.
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.
Utility because it's a term in economics that refers to the total satisfaction received from consuming a good or service.
When we can not measure in terms of money but we can measure of lavel of satisfaction then it is called cardinal approach
satisfaction
Satisfaction
Utility
Utility.
The concept of utility.
Satisfaction