Utility, cardinal and ordinal.
Understand the Problem
The question is asking for definitions or explanations of the concepts of utility, cardinal numbers, and ordinal numbers, which are foundational topics in economics and mathematics respectively.
Answer
Cardinal utility is quantitative, ordinal utility is qualitative.
Cardinal utility measures satisfaction quantitatively using 'utils', while ordinal utility ranks preferences without quantitative measures.
Answer for screen readers
Cardinal utility measures satisfaction quantitatively using 'utils', while ordinal utility ranks preferences without quantitative measures.
More Information
Cardinal and ordinal utility are key concepts in understanding consumer preferences. Cardinal utility allows comparisons using specific values, often useful in cost-benefit analysis. Ordinal utility simplifies satisfaction to rankings, focusing on which options are preferred.
Sources
- Difference Between Cardinal and Ordinal Utility - Vedantu - vedantu.com
- Cardinal and Ordinal Utility - Economics Help - economicshelp.org
- Difference Between Cardinal and Ordinal Utility - BYJU'S - byjus.com
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