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.
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
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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