Economy, asked by nancynamita, 10 months ago

Difference between cardinal utility approach and ordinal utility approach . {5 marks}

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Answered by Anonymous

3

Cardinal utility refers to the satisfaction that can be measured number whereas Ordinal utility refers to the satisfaction that can not measure by number. ... Cardinal utility is less realistic whereas Ordinal utility is more realistic . Cardinal utility is quantative measure whereas Ordinal utility is qualitative measure.

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