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What is meant by ordinal measurement of utility

Posted by L J Maru 3 years, 5 months ago

CBSE > Class 11 > Economics

2 answers

Ankit Bijapari 3 years, 4 months ago

Define economy

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Yogita Ingle 3 years, 4 months ago

Ordinal measurement of utility refers to the measurement (or expression) of utility in terms ranks like high or low (more or less). Ordinality means that utility can be ranked based on consumer preferences.

Ordinal utility theory states that utility cannot be measured, it can only be ranked or ordered according to the preference of the consumer. Ordinality means that utility can be ranked.

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CBSE > Class 11 > Economics