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Cosumer equilibrium through ordinal utility

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Cosumer equilibrium through ordinal utility

    • Posted by Sunil Yadav 6 years, 7 months ago

    CBSE > Class 12 > Economics
    • 1 answers

    Sarika Agarwal 6 years, 7 months ago

    It is the approach given by hick and Allen and it is based on more realistic assumption because in their opinion that utility approach is a psychological concept as utility cannot be measured in terms of number. The utility approach does not use Cardinal values like 1,2,3 etc.rather,it uses ranking or preference system, like if someone likes apples more than banana, he will give 1st rank to Apple and 2nd rank to banana.

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