What is the difference between ordinal and cardinal utility?
Question:
What is the difference between ordinal and cardinal utility?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Cardinal utility and ordinal utility are two different approaches to understanding and measuring consumer preferences Cardinal utility is the idea tha...View the full answer
Answered By
Milan Mondal
I am milan mondal have done my Msc in physics (special astrophysics and relativity) from the University of burdwan and Bed in physical science from the same University.
From 2018 I am working as pgt physics teacher in kendriya vidyalaya no2 kharagpur ,west bengal. And also I am doing advanced physics expert in chegg.com .also I teach Bsc physics .
I love to teach physics and acience.
If you give me a chance I will give my best to you.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Economics An Introduction To Traditional And Progressive Views
ISBN: 9780765616685
7th Edition
Authors: Howard J. Sherman, E. K. Hunt, Reynold F. Nesiba, Phillip A. O'Hara, Barbara A. Wiens-Tuers
Question Posted:
Students also viewed these Business questions
-
What is the difference between ordinal utility and cardinal utility? Explain why the assumption of cardinal utility is not needed in order to rank consumer choices.
-
What is the difference between an ordinal ranking and a cardinal ranking?
-
What is the difference between ordinal and nominal qualitative data?
-
How do digital media change how we relate to others?
-
The following data (in millions) for 2004, 2003, and 2002 were taken from 10-K filings with the Securities and Exchange Commission: 1. Match each of the following companies with the data for Company...
-
Write the expression in the form \(D \cos (\omega t+\phi)\). \(\cos t-\frac{3}{4} \sin t\)
-
Identify and describe the key attributes that might mitigate a red flag, suggesting that no bad act or compliance issues exist.
-
Zap Rap Inc. is a manufacturer of audio CDs. The companys chief financial officer is trying to verify the accuracy of the December 31 work in process and finished goods inventories prior to closing...
-
An annuity, paid in advance, is indexed to inflation at a rate of r% per period. What is the present value of this indexed annuity given a requirement of an effective investment rate of i% per period...
-
If the price of a good goes up and throws the utility-maximizing pattern of consumption out of whack, what does utility theory predict the consumer will do?
-
Can consumers dictate the prices they pay for products at the store? What can consumers do if the price of a product rises, and their income is fixed? What role does the availability of substitutes...
-
Show that the power spectra \(w_{\boldsymbol{v}}(f)\) and \(w_{\boldsymbol{A}}(f)\) of the fluctuating variables \(\boldsymbol{v}(t)\) and \(\boldsymbol{A}(t)\) that appear in the Langevin equation...
-
Selling price of new device $ 23.50/unit Estimated sales 245,000 units Investment in additional equipment $5,200,000 Cost of production $12.32/unit The company's minimum required rate of return 22%...
-
For the year, B&K United increased current liabilities by $1,400, decreased cash by $1,200, increased net fixed assets by $340, increased accounts receivable by $200, and decreased inventory by $150....
-
Gregor purchased and put his heavy SUV into service in May 2020 and used it 80% for business. The basis is $44000. If he takes the maximum section 179 expense deduction and bonus depreciation, what...
-
The Summit Company's year-end income statement is as follows: Sales (20,000 units)-- -P360,000 Variable costs------ -220,000 Contribution margin--P140,000 Fixed costs-- -105,000 Net income- -P 35,000...
-
Describe what are the roles of the capital allocation line and tangency portfolio in the overall investment portfolio construction process (hint: what does each of these items deliver as a result and...
-
Beta Co. sold 10,000 shares of common stock, which has a par value of $25, for $27 per share. The company also sold 1,000 shares of $100 par value preferred stock for $110. Assume the balance in...
-
TRUE OR FALSE: 1. Banks with a significantly large share of fixed-interest rate home loans are less exposed to interest rate risks. 2. Although Australian banks are pretty big, they are not...
-
Calculate the 2005 price/earnings ratio, price/cash flow ratios, and market/book ratio. Do these ratios indicate that investors are expected to have a high or low opinion of the company?
-
Perform a common size analysis and percent change analysis. What do these analyses tell you about Computron?
-
Use the extended Du Pont equation to provide a summary and overview of Computrons financial condition as projected for 2005. What are the firms major strengths and weaknesses?
-
3.5. 3.6. Explain in detail (in clear terms) the main difference in the calculation of any type of elasticity when using the formula for normal price (also called point) elasticity and the formula...
-
OPTION TRADING STRATEGIES Case Study Questions: 1. Define the following terms: a. Strike Price b. Intrinsic Value c. Bollinger Bands 2. Explain volatility and how it effects option pricing. Briefly...
-
LittleCo has a levered cost of equity of 19%. They bring in $300,000 in EBIT per year and pay $75,000 per year in interest. Five years from now, they will receive a one-time payment of $900,000. What...
Study smarter with the SolutionInn App