Explain the Concepts of Utility, Total Utility, Marginal Utility; Average Utility cardinal and Ordinal approach and what is the concept market.
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Summary: Cardinal utility gives a value of utility to different options. Ordinal utility just ranks in terms of preference. ... For example, allocative efficiency is said to occur when Marginal cost = Marginal Utility. One way to try and put values on goods utility is to see what price they are willing to pay for a good.
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