What is ordinal utility?

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Question: What is ordinal utility?

Topics: utility

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In economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale. In economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale. What is the Concept of Ordinal Utility? The ordinal utility concept states that the satisfaction a consumer obtains after consuming various commodity cannot be. The Ordinal Utility approach is based on the fact that the utility of a commodity cannot be measured in absolute quantity, but however, it will be possible for a.

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Answered By:
Shrishti

Shrishti

Denver, United States

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