Define cardinal and ordinal utility

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Define cardinal and ordinal utility. What is the difference between the two? In economics, is utility measured cardinally or ordinally and why is this so? Use your understanding of utility in economics to evaluate whether the following statement is true or false: “Income should be redistributed from the rich to the poor through progressive taxation because the marginal utility of income is lower to the former..” (8-10 sentences)

Reference no: EM131091797

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