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Q: What are the shortcomings of the cardinalist approach of analysing consumer behaviour?
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What is cardinalist approach?

The cardinalist school or the marginalist approach is based on the arguement that the satisfaction derived from the consumption of any commodity by a consumer can be measured in specific units of utility called as utils


What is consumer equilibrium under cardinal approach?

illustrate and explain e the consumer equilibrium ender cardinalist and ordinalist?


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"Our shortcomings were inherent in our approach"


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What is difference between ordinal approach and cardinal approach?

In consumer behavior, the satisfaction that consumers get by consuming commodities is utility. A cardinalist thinks that utility can be measured, quantified, and expressed in quantitative terms. An ordinalist thinks that you cannot measure utility in quantitative terms.


What is cognitive approach?

The cognitive approach is a psychological perspective that focuses on how people think, perceive, remember, and solve problems. It emphasizes internal mental processes and structures, such as attention, memory, language, and problem-solving, in understanding human behavior. Cognitive psychologists use experiments and research methods to study how individuals acquire, interpret, and use information.


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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


How does cardinal utility approach explain consumer behaviour?

When we can not measure in terms of money but we can measure of lavel of satisfaction then it is called cardinal approach


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This approach suggests that observable behaviour should be the focus of study.


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