Question

ordinal utility can be measured by​

Answer 1

Explanation:

Utility is measured in units called utils, but calculating the benefit or satisfaction that consumers receive from is abstract and difficult to pinpoint. As a result, economists measure utility in terms of revealed preferences by observing consumers' choices.05-Aug-2019

Answer 2

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