Economy, asked by roshankumar6251, 9 months ago

Ordinal concepts of utility express utility in terms of

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Answered by Anonymous
5

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In economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale. Ordinal utility theory claims that it is only meaningful to ask which option is better than the other, but it is meaningless to ask how much better it is or how good it is.

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