this approch is also known as uttility approch or classical approch because it was very presented by the classical or orthodox Economics
this approch is also known as uttility approch or classical approch because it was very presented by the classical or orthodox economics
to what extent is ordinal utility approach and improvement cardinal in explaining consumer behaviour in economics
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.
The cardinal approach in a careful approach that states that utility is measurable. The ordinal approach disagrees with this theory.
cardinal utility
Definition home economics education?
economics
ordinal approach
10 definition of economics by defferent authors
When we can not measure in terms of money but we can measure of lavel of satisfaction then it is called cardinal approach
what is the defination of economics
. 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.