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Difference between cardinal and ordinal utility

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Difference between cardinal and ordinal utility

    • Posted by Arya Dewangan 5 years, 10 months ago

    CBSE > Class 11 > Economics
    • 1 answers

    Sia ? 5 years, 10 months ago

    Differences between cardinal utility and ordinal utility are

    Basis Cardinal Utility Ordinal Utility
    Meaning Cardinal utility means that satisfaction can be measured in cardinal numbers such as 1, 2, 3 etc. Ordinal utility refers to satisfaction that cannot be measured in cardinal numbers and we just rank the scale of preferences and make use of ordinal numbers like 1st, 2nd,etc.
    Proposed
    by    		 This concept was proposed by Alfred Marshall. This concept was proposed by JR Hicks and Allen.
    Realistic Cardinal utility is less realistic than ordinal utility.  Ordinal utility is more realistic than cardinal utility.
    Measurement Utility is measured in 'utils'. Utility is ranked based on satisfaction.
    Examples

    Utility derived from the consumption of an apple is 6 utils.

    Utility derived from the consumption of bread is 10 utils.

    Strawberries gives more satisfaction than apples.

    Pen gives more satisfaction than pencils.

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