Explain the cardinal and ordinal utility approach ?

Q: How is the ordinal utility concept different from the cardinal utility concept

A: The key difference between Cardinal and Ordinal Utility lies within the undeniable fact that…

Q: What are the limitations of the law of Equi- marginal utility

A: According to the given question The law of equi marginal utility states that when the consumer…

Q: What does a negative marginal utility means? Why does it happen?

A: Utility refers to the want satisfying power of a commodity. Marginal Utility refers to the utility…

Q: what are the exceptions of law of diminising marginal utility ?

A: Marginal utility is the additional satisfaction a consumer gets when consuming additional unit.

Q: Can someone else measure your utility why or why not?

A: The term "utility" is commonly used in the subject of economics. It can be used to calculate the…

Q: Who introduced utility

A: Utility is characterised as the whole satisfaction a customer experiences when utilising a good or…

Q: Explain the Marginal Utility Concept with example?

A: Utility:Utility is the want satisfying power of a commodity. The utility is a tool to measure the…

Q: Using the concept of consumer choices, draw a graphical representation of utility maximization. Your…

A: The diagram is shown in the next step.

Q: If something has negative marginal utility, what happens to your total utilitywhen you consume it?

A: Marginal utility is defined as the utility gains after one more extra unit of consumption. It means…

Q: What is consumer's equilibrium to cardinal approach?

A: According to the cardinal approach, the consumer can attain or reach the equilibrium when the…

Q: Explain the phrase “Less is more” in terms of Utility and cite 2 examples in your answer.

A: The utility is the consumer wants satisfying power of the goods or services.  Marginal utility is…

Q: What is the difference between a positive and anormative statement? Give an example of each.

A: Economic policies are a combination of positive and normative statements. A normative statement…

Q: Distinguish between cardinal and ordinal utility

A:

Q: What are the assumptions of cardinal utility theory? Explain the law of diminishing marginal utility…

A: The Cardinal Utility approach is supported by neo-classical economists, who assume that utility is…

Q: What is cardinal utility theory?

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

Q: 1. Pranav is deciding what to drink from a cooler that contains cans of soda pop and iced tea. When…

A: When the two goods : soda pop and iced tea are given, Pranav chooses iced tea because he gets a…

Q: What do you think is more realistic approach between cardinal and ordinal approaches to consumer…

A: Ordinal Utility The Ordinal Utility approach in consumer theory is based on the fact that the…

Q: The table shows the total utility Ann derives from eating portions of salad. •How much marginal…

A: Using the concept of utility, we may determine how satisfied a consumer is after purchasing a…

Q: How a demand curve can be derived with budget constraint- indifference curve framework? Explain

A: A demand bend portrays how much amount of a product will be purchased or demanded at different…

Q: What is the axiom of consumer choice that implies that consumers spend all their income in order to…

A: The maximum utility is maximized where the last $ spent on each goods provide exactly same marginal…

Q: The law of explains why people and societies rarely make all-or-nothing choices. diminishing…

A: (A)

Q: What is cardinal approach?

A:

Q: 8)  When Marginal Utility = 0, Total Utility is A) Maximum B) Constant C) Minimum D) None of the…

A: Total Utility:-  The overall amount of contentment achieved by a consumer as a result of consuming a…

Q: How does a consumer decide what combination of products to buy using the marginal utility concept?…

A: The satisfaction gained from consuming an extra unit is termed as a marginal utility.

Q: An old nursery rhyme tells us : Jack Sprat would eat no fat; his wife would eat no lean. This tells…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: what is the principle of utility

A: Utility refers to the satisfaction received by a consumer from consuming a particular commodity.

Q: What is meant by form utility?

A: Utility is an economic term which refers to satisfaction.

Q: Take Jeremy’s total utility information in Exercise 6.1, and use the marginal utility approach to…

A: Given: Round Trip(RT) Total utility (TU) 0 0 1 80 2 150 3 210 4 260 5 300 6 330 7…

Q: Explain how non-convexity in choice can result in multiple optimal choices. Provide a graphical…

A: An indifference curve refers to the combination of two goods that give a consumer the same…

Q: Explain law of diminishing marginal utility ??

A: Marginal utility is the utility that is derived from the consumption of an additional unit of…

Q: What are the 4 basic assumption of individual preferences?

A: Preferences of consumers are well defined because these are measured by the satisfying power of good…

Q: State and explain the law of diminishing marginal utility .Why does the law operate ?

A: The utility is the want satisfying power of the commodity. The preference of the consumer depends on…

Q: Explain how the consumer decides how many units of a good to consume by explaining the assumptions…

A: The neo-classical economist, proposed the consumption theory by assuming that utility is measurable.…

Q: The law of diminishing marginal utility states that?

A: the law of diminishing marginal utility was given by a German Economist Gossen, which is why it is…

Q: Marginal utility is equal to?

A: Utility It's a metric for assessing a person's level of satisfaction with the things they've…

Q: define utility with its practical examples also explain its different measures in detail?

A: In economics,  the term utility refers to quality of a commodity by virtue of which is satisfies our…

Q: Examples of form utility?

A: Utility is defined as the complete satisfaction a consumer derives from the usage of a product or…

Q: what does it mean if the utility function is ordinal and not cardinal.

A: Ordinal refers to order of a series. Cardinal refers to giving a value to the series.

Q: The Law of Diminishing Marginal Utility is just a theory that has no application to everyday life.…

A: Utility: It means the total satisfaction received from the consumption of goods and services.

Q: Define Utility? Discuss law of Equi-marginal utility in detial.

A: The utility is the overall satisfaction that a consumer receives from consuming a service or good.…

Q: Explain Law of Diminishing Marginal Utility with an example?

A: The law of diminishing marginal utility states that when a person increases consumption of a product…

Q: Refer to Table 6-2. The table shows Vladimir's total and marginal utility from eating steaks. What…

A: Aggregate satisfaction a consumer gets from the consumption of any goods or services is known as…