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Difference between cardinal approach and ordinal …

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Difference between cardinal approach and ordinal approach

    • Posted by Aksha Jain 7 years ago

    CBSE > Class 12 > Economics
    • 2 answers

    Yogita Ingle 7 years ago

    Cardinal Utility Ordinal Utility
    It means satisfaction that can be measured in numbers such as 1,2,3 etc. It refers to the satisfaction that cannot be measured in numbers.
    This concept was given by Marshall. This concept was given by j.R. Hicks.
    It is less realistic. It is more realistic.
    This theory is explained by the Marginal utility. This theory is explained through indifference curve.
    Cardinal utility measures satisfaction in terms of units. Ordinal utility measures satisfaction in terms of ranks.
    Cup of tea offers you 4 units of utility. Cup of tea offers you greater satisfaction than a cup of coffee.

    2Thank You

    Abhay Pandey 7 years ago

    Under Cardinal approach the utility can be measured in number and under ordinal approach utility cannot be measured in number

    1Thank You

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