Explain Cardinal utility
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Yogita Ingle 5 years, 2 months ago
Cardinal Utility is the idea that economic welfare can be directly observable and be given a value.
For example, people may be able to express the utility that consumption gives for certain goods. For example, if a Nissan car gives 5,000 units of utility, a BMW car would give 8,000 units. This is important for welfare economics which tries to put values on consumption. For example, allocative efficiency is said to occur when Marginal cost = Marginal Utility.
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