Question

9) Make a comparative analysis of Cardinal Utility Approach and Indifference
Curve Approach.​

Answer 1

Answer:

Cardinal utility analysis is the oldest theory of demand which provides an explanation of consumer's demand for a product and derives the law of demand which establishes an inverse relationship between price and quantity demanded of a product.

To conclude, we see that the utility function and the indifference curves are not the same thing! The indifference curve is just a curve connecting points with the same utility level (same value of u(x1,x2)) but for any such value we get a different IC while the utility function is kept the same

Explanation:

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