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ordinal approach
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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
Who has developed the ordinal approach?
Hicks and Allen developed Ordinal approach or Indifference Curve Approach.
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.
'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.
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
Who has developed the ordinal approach?
Hicks and Allen developed Ordinal approach or Indifference Curve Approach.
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)
'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.
Define cardinal approach?
The cardinal approach in a careful approach that states that utility is measurable. The ordinal approach disagrees with this theory.
What extent is ordinal utility approach an advantage to cardinal utility approach?
cardinal utility
What is ordinal approach to the theory of consumer behavior?
ordinal approach to the theory of consumer behaviour is consumer's ability to rank his preference for various combination of products. It uses Indifference curve to analyse these preferences.
What are the similarities between cardinal and ordinal approach?
they both obey the diminishing returns theory
Characteristics of managerial Managerial economics?
It is mostly Micro economics and sometimes Macro economics It is application of economics in business management It helps to seek cost effective solutions hence it is normative in approach it is pragmatic in nature It is prescriptive in approach
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.
Utilities of index number in economics?
what is mean by statistical approach and economical approach in the theory of index numbers?
