What is ordinal utility?
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Posted by Saniya Khan 6 years, 2 months ago
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Saniya Khan 6 years, 2 months ago
It refers to the utility which cannot be measured but can only be ranked.
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Yogita Ingle 6 years, 2 months ago
It explains that the satisfaction after consuming a good or service cannot be scaled in numbers, however, these things can be arranged in the order of preference. This theory was applied by Prof. J R Hicks ‘Utility’ is ranked on the basis of “satisfaction”
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