What is the difference between ordinal utility and cardinal utility? Explain why the assumption of cardinal utility

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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.

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Microeconomics

ISBN: 978-0132857123

8th edition

Authors: Robert Pindyck, Daniel Rubinfeld

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Question Posted: Dec 22, 2015 02:14 AM

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What is the difference between ordinal utility and cardinal utility? Explain why the assumption of cardinal utility

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Ordinal utility implies an ordering among alternatives without regard for ...View the full answer

Microeconomics

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