Different between cardinal utility analysis and …
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Posted by Yogesh Saini 6 years, 11 months ago
- 2 answers
Gaurav Seth 6 years, 11 months ago
| Meaning | Cardinal utility is the utility wherein the satisfaction derived by the consumers from the consumption of good or service can be expressed numerically. | Ordinal utility states that the satifaction which a consumer derives from the consumption of good or service cannot be expressed numerical units. |
| Approach | Quantitative | Qualitative |
| Realistic | Less | More |
| Measurement | Utils | Ranks |
| Analysis | Marginal Utility Analysis | Indifference Curve Analysis |
| Promoted by | Classical and Neo-classical Economists | Modern Economists |
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Muskan Khatri 6 years, 11 months ago
0Thank You