what is ordinal utility
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The ordinal utility approach is based on the fact that the utility of a commodity cannot be measured in absolute quantity, but however,it will be possible for a consumer to tell subjectively whether the commodity derives more or less or equal satisfaction when compared to another.
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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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