Define ordinal and cardinal utility. Which one is more commonly utilized in microeconomics and why?
Define ordinal and cardinal utility. Which one is more commonly utilized in microeconomics and why?
Homework Answers
Ordinal utility -represents preferences in ordinal scale.The consumer ranks or order the satistsatisf derived from consuming subsequent units of a commodity.eg-indifference curve approach.
Cardinal utility-Utility is measure and numbers can be assigned to satisfaction.
Ordinal utility is more commonly used because it is more practical and conventional.It is difficult to assign numbers to satisfaction but easy to order it.
Add Answer to:
Define ordinal and cardinal utility. Which one is
more commonly utilized in microeconomics and why?
What is the difference between ordinal utility and cardinal utility? Ordinal utility refers to A.satisfaction when...
What is the difference between ordinal utility and cardinal utility? Ordinal utility refers to A.satisfaction when consumers are rational while cardinal utility is satisfaction when consumers are not rational B. an interpersonal comparison of satisfaction, while cardinal utility is a ranking of market baskets using arbitrary numerical values. C. a ranking of market baskets in order of most to least preferred, while cardinal utility indicates how much one market basket is preferred to another. D.a ranking of market baskets based...
10. Which of the following is consistent with cardinal utility? A) George's utility from knowing Janice is...
10. Which of the following is consistent with cardinal utility? A) George's utility from knowing Janice is the same as his utility from knowing his mother B) Janice gets the same utility from going to the theatre as a movie C) George gets the same utility from going to a baseball game as going to a hockey game D) Janice's utility from knowing George is 2 million utils
Define telemedicine and discuss at least one type of telemedicine that is currently being utilized. one...
Define telemedicine and discuss at least one type of telemedicine that is currently being utilized. one paragraph minimum
At which level of management will one find conceptual and decision skills most utilized? Why?
At which level of management will one find conceptual and decision skills most utilized? Why?
Which is more commonly used in cars nowadays, diesel engine or gasoline engine? And why?
Which is more commonly used in cars nowadays, diesel engine or gasoline engine? And why?
There was no Macroeconomics or Microeconomics 100 years ago: there was one Economics. Why did it...
There was no Macroeconomics or Microeconomics 100 years ago: there was one Economics. Why did it split--what happened?
What are the more commonly used anesthesia terms? How would you define them to a patient?...
What are the more commonly used anesthesia terms? How would you define them to a patient? What are unlisted procedure codes in the surgery section? Explain in detail how they are used to code for a procedure
Why is the preferred path to the highest utility one in which both items are economic...
Why is the preferred path to the highest utility one in which both items are economic “goods”?
Which one of the following is FALSE? Ordinal measures have the properties of interval measures Interval...
Which one of the following is FALSE? Ordinal measures have the properties of interval measures Interval measures have the properties of nominal measures Ratio measures have the properties of ordinal measures Ordinal measures have the properties of nominal measures All are true
Please define the similarities and differences in the economic effects of tariffs and quotas? Which one...
Please define the similarities and differences in the economic effects of tariffs and quotas? Which one is more effective in protecting an industry and why?
What are the more commonly used anesthesia terms? How would you define them to a patient? What are unlisted procedure codes in the surgery section? Explain in detail how they are used to code for a procedure
Which one of the following is FALSE? Ordinal measures have the properties of interval measures Interval measures have the properties of nominal measures Ratio measures have the properties of ordinal measures Ordinal measures have the properties of nominal measures All are true
Most questions answered within 3 hours.
-
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 16 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 47 minutes ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 2 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 2 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 3 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 4 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 4 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 5 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 5 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 5 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 5 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 5 hours ago