Question

In the ordinal approach to measuring utility utility can be measured by

Answer 1

Answer:

An alternative way to measure utility is the concept of ordinal utility, which uses rankings instead of values. The benefit is that the subjective differences between products and between consumers are eliminated and all that remains are the ranked preferences..

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Answer 2

We can try to measure utility by using a hypothetical unit of measurement – utils. For example, if you go to a supermarket, you may feel a bag of apples gives you a moderate utility of 20 utils. By comparison, a large pizza may give a greater satisfaction of 50 utils.