Utility is an ordinal concept that is used to measure the satisfaction or usefulness a consumer derives from a particular good or service. Unlike cardinal concepts, it cannot be measured quantitatively in terms of a specific unit or numerical value. Here's a detailed explanation of the concept:

Ordinal Concept:

Ordinal concept refers to the measurement of a variable based on its position in a series or sequence. In other words, it involves ranking or ordering the different levels of a variable according to their importance or value. Utility is an ordinal concept because it is measured based on the consumer's preference or satisfaction level relative to other goods or services.

Example:

For instance, a consumer may prefer a cup of coffee over a cup of tea. However, this preference does not necessarily mean that the consumer derives twice as much utility from the coffee as from the tea. Instead, it simply implies that the consumer values coffee more than tea.

No Specific Unit or Numerical Value:

Unlike cardinal concepts that can be measured using a specific unit or numerical value, utility is a subjective concept that varies from person to person. It is impossible to measure utility using a specific unit of measurement, such as dollars or euros. Instead, it is measured based on the consumer's satisfaction level, which is subjective and varies from person to person.

Example:

For instance, a consumer may derive more utility from a fancy restaurant meal than a fast-food meal. However, it is impossible to assign a specific value to the utility derived from the fancy meal.

Conclusion:

In conclusion, utility is an ordinal concept that is used to measure the satisfaction or usefulness a consumer derives from a particular good or service. It cannot be measured quantitatively in terms of a specific unit or numerical value as it is a subjective concept that varies from person to person.