Question

in cardinal utility approach and ordinal utility approach, which approach is better? and why?

Answer 1

Answer:

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Explanation:

Cardinal utility measures the utility objectively, whereas there is a subjective measurement of ordinal utility. Cardinal utility is less realistic, as quantitative measurement of utility is not possible. On the other end, the ordinal utility is more realistic as it relies on qualitative measurement.

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Answer 2

Answer:

Cardinal utility measures the utility objectively, whereas there is a subjective measurement of ordinal utility. Cardinal utility is less realistic, as quantitative measurement of utility is not possible. On the other end, the ordinal utility is more realistic as it relies on qualitative measurement

Explanation:

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