Explain the difference between cardinal utility and ordinal utility. G

1.	Explain the difference between cardinal utility and ordinal utility. Give example
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Cardinal utility is the utility wherein the satisfaction derived by the consumers from the consumption of <a href="https://interviewquestions.tuteehub.com/tag/good-1009017" style="font-weight:bold;" target="_blank" title="Click to know more about GOOD">GOOD</a> or service can be measured <a href="https://interviewquestions.tuteehub.com/tag/numerically-7699973" style="font-weight:bold;" target="_blank" title="Click to know more about NUMERICALLY">NUMERICALLY</a>. For example, utility derived from the consumption of a glass of milk is 3 utils.Ordinal utility states that the satisfaction which a consumer derives from the consumption of product or service cannot be measured numerically.For example, a glass of milk is <a href="https://interviewquestions.tuteehub.com/tag/ranked-612991" style="font-weight:bold;" target="_blank" title="Click to know more about RANKED">RANKED</a> 1st while a glass of soda is ranked 2nd.</body></html>

Explain the difference between cardinal utility and ordinal utility. Give example