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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.

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Define cardinal approach?

The cardinal approach in a careful approach that states that utility is measurable. The ordinal approach disagrees with this theory.


What are the similarities between cardinal and ordinal approach?

they both obey the diminishing returns theory


Define ordinal utility?

Ordinal utility is a concept in economics that refers to the ranking of preferences among different alternative choices based on satisfaction or utility derived by an individual. It does not assign a specific numerical value to the level of satisfaction, but simply ranks the different choices in order of preference. This approach helps in understanding consumer behavior and decision-making without needing to quantify utility levels.


Which is a dimension or assumption of the marginal-utility theory of consumer behavior?

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What is the role theory and how does it help us to understand consumer behavior?

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Assumptions for ordinalist in consumer behavior?

Ordinalist assumptions in consumer behavior include that individuals can rank their preferences for goods and services in terms of satisfaction, that they make rational decisions based on these preferences, and that their utility can be compared and measured through ordinal rankings rather than exact numerical values. This theory focuses on the relative order of preferences rather than the absolute magnitude of utility.


What are the determinant of consumer behavior?

needs and motives, perceptions, attitudes, learning and self concept theory


What are the 4 approaches in the development of moral behavior?

The four approaches in the development of moral behavior are cognitive-developmental approach, social learning approach, personality approach, and evolutionary approach. These approaches focus on different aspects such as cognitive processes, social interactions, individual differences, and evolutionary origins in shaping moral behavior.


What theory has focused a major part of its approach to helping raise the tolerance for frustration and who developed this approach?

Rational Emotive Behavior Therapy - Abert Ellis


What theory has focused a major part of its approach to help raise the tolerance for frustration and who developed this approach?

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What theory has focused a major part of its approach to helping raise the tolerance for frustrations and who developed this approach?

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What are the personal determinants of consumer behavior?

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