InterviewSolution
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InterviewSolution
| 1. |
What is ordinal and cardinal utility and differentiate between them? |
| Answer» Ordinal is expressed in terms of rank such as high -low ,max -minAnd in cardinal it is expressed in terms of number such as 1 2 3,i ii iii iv ,a b c d eNow the difference between them in a condition of commodity,in case of ordinal, more satisfaction and we expresed it by we eat more or we eat less and in other hand we expressed cardinal in a way like we eat 2 apple or 4 apple | |