Hicks and Allen developed Ordinal approach or Indifference Curve Approach.
ordinal approach
to what extent is ordinal utility approach and improvement cardinal in explaining consumer behaviour in economics
. 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.
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' This statement is not a properly formed phrase, please ask questions that make sense.
ordinal approach
to what extent is ordinal utility approach and improvement cardinal in explaining consumer behaviour in economics
. 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.
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' This statement is not a properly formed phrase, please ask questions that make sense.
cardinal utility
The cardinal approach in a careful approach that states that utility is measurable. The ordinal approach disagrees with this theory.
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.
they both obey the diminishing returns theory
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.
"sixteenth" is an ordinal number. There is no ordinal number for an ordinal number!
The ordinal word is sixtieth. There is no ordinal number.