Explain about cardinal utility, Managerial Economics

Assignment Help:

Q. Explain about Cardinal utility?

A measure of utility or satisfaction derived from consumption of services and goods which can be measured using an absolute scale. Cardinal utility exists if utility derived from consumption is measurable in the same way that other physical characteristics--weight and height --are measured using a scale which is comparable between people. There is little or no evidence to propose that such measurement is possible and isn't even required for modern consumer demand theory and indifference curve analysis. Cardinal utility though is often used as a convenient teaching device for discussing these concepts as utility maximisation and marginal utility.


Related Discussions:- Explain about cardinal utility

Monopolistic competition, Evaluate critically chamberlin''s model of monopo...

Evaluate critically chamberlin''s model of monopolistic copetition

Illustrate the sources of monopoly, Q. Illustrate the sources of monopoly? ...

Q. Illustrate the sources of monopoly? Merger for Large-scale Production: Thirdly monopoly undertaking can be a consequence of the necessity to produce on a large scale to de

Occurrence of stagflation , Occurrence of Stagflation Two possible theo...

Occurrence of Stagflation Two possible theoretical explanations can be given for the occurrence of stagflation almost all over the world. The first explanation follows directly

Clark''s dynamic theory, According to J.B. Clark's profits arises in a dyna...

According to J.B. Clark's profits arises in a dynamic economy, not in a static one. A static economy is one in which there is absolute freedom of competition population and capital

National income accounting, NATIONAL INCOME ACCOUNTING This refers to ...

NATIONAL INCOME ACCOUNTING This refers to the measuring of the total flow of output (goods and services) and of the total flow of inputs (factors of production) that pass thro

Objectives of government in economy, OBJECTIVES OF GOVERNMENT Governme...

OBJECTIVES OF GOVERNMENT Government policies are required in market economies to achieve certain goals.  There are broadly two types of government policies viz; Microeco

Price elasticity of supply, Price Elasticity of Supply Price Elasticit...

Price Elasticity of Supply Price Elasticity of supply measures the degree of responsiveness of quantity supplied to changes in  price.  The co-efficient of the elasticity of s

Public Debt, what are the Sources of public debt

what are the Sources of public debt

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd