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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.
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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)
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
What extent is ordinal utility approach an advantage to cardinal utility approach?
cardinal utility
'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.
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)
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
What extent is ordinal utility approach an advantage to cardinal utility approach?
cardinal utility
What are the similarities between cardinal and ordinal approach?
they both obey the diminishing returns theory
Define cardinal approach?
The cardinal approach in a careful approach that states that utility is measurable. The ordinal approach disagrees with this theory.
'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.
What is the difference between cardinal directions and ordinal directions?
Cardinal directions refer to the four cardinal points; north, west, south and east. On the contrary, ordinal directions are points that are located in between the cardinal points.
What is the similarity between cardinal and ordinal numbers?
Normally ordinal numbers refer to positive positions. Cardinal numbers are negative, zero or positive.
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
