1.What distinquishes cardinalist from ordinalist.2.How does each group in '1' approach consumer...

Question

1.What distinquishes cardinalist from ordinalist.

2.How does each group in '1' approach consumer demand theory.

3.Which of these two approaches are preferable(explain them).

4.State the crdinalist and ordinalist conditions for consumer equilibrium.

Robert · Accepted Answer

1. What distinguishes cardinals from ordinals? 
Answer: 
Under Cardinal approach, utility can be measured in quantity and therefore it helps in 
determining the strength of preferences.  In contrast, under ordinal approach, utility cannot be 
measured; it can only be ranked and therefore it does not capture strength of preferences.  
2.

1.What distinquishes cardinalist from ordinalist. 2.How does each group in '1' approach consumer demand theory. 3.Which of these two approaches are preferable(explain them). 4.State the crdinalist and...

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment