distinguish between cardinal and odinal mersurment utility?
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Answer:
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Step-by-step explanation:
Cardinal utility is the utility wherein the satisfaction derived by the consumers from the consumption of good or service can be measured numerically. Ordinal utility states that the satisfaction which a consumer derives from the consumption of product or service cannot be measured numerically.
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Answer:
Cardinal vs Ordinal Utility
The key difference between Cardinal and Ordinal Utility lies in the fact that cardinal utility means to express the impression of any goods or service in numbers. Ordinal utility means that impression of any goods or service cannot be calculated in terms of number.
Cardinal utility was introduced by classical and neo-classical economists, whereas ordinal utility was come into existence by modern economists.
The utility can be defined as a psychological phenomenon which shows the rewarding influence of a commodity or a service. It varies from person to person because it relies on an individual’s mental disposition. It is necessary to measure the utility.
The two different ideas of the utility are ordinal and cardinal utility. The ordinal utility helps in expressing the use of a product by comparing it with the other products.
On the other hand, the cardinal utility helps in measuring the utility of the product with the help of the product’s weight, length, temperature, etc.
Step-by-step explanation: