Economy, asked by nkambavathi, 8 months ago

Explain cardinal and ordinal utility approach?

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Answered by nisha5434

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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Explain cardinal and ordinal utility approach?​

Answers

Explain cardinal and ordinal utility approach?