Cardinal & Ordinal Measurement & Cardinal Approach
Not what you're looking for?
Please see the attached file for full problem description.
---
1. Cardinal & ordinal measurement in shortcoming of Ic curve
2. optimum level of consumption in cardinal Approach.
Purchase this Solution
Solution Summary
Cardinal & Ordinal Measurement & Cardinal Approach is highlighted.
Solution Preview
Q.01
<br>Differentiate between Cardinal and Ordinal measurement of utility. Explain also the shortcomings of Indifference curve analysis briefly?
<br>
<br>cardinal measurement of utility: A measurement based on a scale or quantitative numbers, such as 1, 5, or 357.2, that enables a comparison in magnitude. Most economic measures are based on cardinal numbers, including gross domestic product, unemployment rate, the price of chocolate, and the quantity of wheat produced. The benefit of cardinal measurement is the ability to directly compare one measure with another. There is little or no evidence to suggest that such measurement ...
Purchase this Solution
Free BrainMass Quizzes
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.