Question

wht is cardinal approach ?


in simple sentences ❗❗​

Answer 1

In economics, a cardinal utility function or scale is a utility index that preserves preference orderings uniquely up to positive affine transformations.

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Answer 2

Cardinal Utility is the idea that economic welfare can be directly observable and be given a value. For example, people may be able to express the utility that consumption gives for certain goods. For example, if a Nissan car gives 5,000 units of utility, a BMW car would give 8,000 units.