what is ordinal utility approach
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Answer:
What is the concept of ordinal utility? The concept of ordinal utility states that the level of satisfaction a consumer obtains after consuming various commodities cannot be measured in numbers but can be arranged in the order of preference.
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Answer:
What is the concept of ordinal utility? The concept of ordinal utility states that the level of satisfaction a consumer obtains after consuming various commodities cannot be measured in numbers but can be arranged in the order of preference.
Utility is measured based on utils: Utility is ranked based on satisfaction
Utility Analysis: Indifference Curve Analysis
It is less practical: It is more practical and sensible