Question

Relationship between ordinal and cardinal utility analysis

Answer 1

an ordinal utilityfunction is a function representing the preferences of an agent on an ordinal scale. The ordinal utilitytheory 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.
Consumer's Behaviour: Cardinal Utility Analysis (Explained With Diagram) ... Cardinal utility analysisis the oldest theory of demand which provides an explanation of consumer's demand for a product and derives the law of demand which establishes an inverse relationship between price and quantity demanded of a product.

Answer 2

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