Question

Explain cardinal utility​

Answer 1

Answer:

Required Answer:-

• Cardinal Utility is the idea that economic welfare can be directly observable and be given a value.
• For example, people may be able to express the utility that consumption gives for certain goods.
• In other words, the value of cardinal utility is related to the price we are willing to pay.

Answer 2

Answer:

The Cardinal Utility approach is propounded by neo-classical economists, who believe that utility is measurable, and the customer can express his satisfaction in cardinal or quantitative numbers, such as 1,2,3, and so on.

Explanation: