Cardinal Utility is the idea that economic welfare can be directly observable and be given a value. For example, people may be able to express the utility that consumption gives for certain goods.
In economics, a cardinal utility function or scale is a utility index that preserves preference orderings uniquely up to positive affine transformations.
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Answer:
Cardinal Utility is the idea that economic welfare can be directly observable and be given a value. For example, people may be able to express the utility that consumption gives for certain goods.
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Answer:
In economics, a cardinal utility function or scale is a utility index that preserves preference orderings uniquely up to positive affine transformations.
Explanation: