Question

What is the principal limitation of utility analysis related to basic assumption that utility anbe express in term of?

Answer 1

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Utility analysis given by Cardinal ...

It tells that utility can be measure in terms of units like 1,2,3..utiles...

√ But it has a basic limitation that Utility can't be express in utiles or numbers...

√ We can't think that one cup of tea gives us 3 utiles satisfaction and one cup of coffee gives 4 utiles of satisfaction.

√ But only can say we like coffee more in compare to tea...

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Answer 2

It tells that utility can be measure in terms of units like 1,2,3..utiles...

1. But it has a basic limitation that Utility can't be express in utiles or numbers...

2.. We can't think that one cup of tea gives us 3 utiles satisfaction and one cup of coffee gives 4 utiles of satisfaction.

3... But only can say we like coffee more in compare to tea...


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