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Which of the following utility approach suggests that utility is a measurable and quantifiable entity?
- a)Ordinal approach
- b)Cardinal approach
- c)Both cardinal & ordinal
- d)None of these
Correct answer is option 'B'. Can you explain this answer?
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Which of the following utility approach suggests that utility is a mea...
Cardinal Utility
Definition: The Cardinal Utility approach is propounded by neo-classical economists, who believe that utility is measurable, and the customer can express his satisfaction in cardinal or quantitative numbers, such as 1,2,3, and so on.The neo-classical economist developed the theory of consumption based on the assumption that utility is measurable and can be expressed cardinally. And to do so, they have introduced a hypothetical unit called as “Utils” meaning the units of utility. Here, one Util is equivalent to one rupee and the utility of money remains constant.
Most Upvoted Answer
Which of the following utility approach suggests that utility is a mea...
Cardinal approach is developed by Marshal..According to the cardinal approach utility can be measured in absolute numbers and it's unit of measurement of utility.
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Which of the following utility approach suggests that utility is a mea...
According to cardinal utility approach utility can be measured in terms of quantity i.e. in terms of utiles .
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Which of the following utility approach suggests that utility is a measurable and quantifiable entity?a)Ordinal approachb)Cardinal approachc)Both cardinal & ordinald)None of theseCorrect answer is option 'B'. Can you explain this answer?
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