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What is meant...

Question

What is meant by ordinal measurement of utility?

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Solution

Ordinal measurement of utility refers to the measurement (or expression) of utility in terms ranks like high or low (more or less). Ordinality means that utility can be ranked based on consumer preferences.

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Q. Distinguish between cardinal and ordinal measurement of utility.

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Q. a) Marshall pointed out, money could measure utility, though in an indirect manner
b) Utility analysis is based on the ordinal number system

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Select the correct answer from the options given below -

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