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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.
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.
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.
What extent is ordinal utility approach an advantage to cardinal utility approach?
cardinal utility
Define cardinal approach?
The cardinal approach in a careful approach that states that utility is measurable. The ordinal approach disagrees with this theory.
What is cardinal approach?
The cardinal approach refers to a method used in various fields, such as mathematics, economics, and social sciences, to analyze and quantify relationships or phenomena based on fundamental principles or core values. In economics, for instance, it often emphasizes measurable utility and preferences, allowing for the comparison and ranking of choices. This approach contrasts with ordinal methods, which focus on the order of preferences without quantifying them. Overall, the cardinal approach seeks to provide a more precise and objective evaluation of data and preferences.
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
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.
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
