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Monotonicity of Preferences

In which anal...

Question

In which analysis can utility be measured in definite numbers such as 1, 2, 3, 4, etc.?

A

Cardinal utility analysis

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B

Ordinal utility analysis

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C

Both (a) and (b)

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D

None of these

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Solution

The correct option is B Cardinal utility analysis
In cardinal utility analysis, utility can be measured in terms of cardinal numbers i.e. 1,2,3,4, etc. Cardinality means that utility can be measured.

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Marginal utility analysis of consumer equilibrium assumes that utility can be expressed in terms of cardinal numbers which is a serious limitation of utility analysis.

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