Ask Question
BusinessBusiness
3 April, 05:22

Explain why the assumption of cardinal utility is not needed in order to rank consumer choices. Cardinal utility is not needed in order to rank consumer choices because economists

+3
Answers (1)
  1. 3 April, 05:29
    0
    "Cardinal utility is not needed in order to rank consumer choices because economists can instead use ordinal utility to show how consumers rank different baskets". However, it is important to note that while ordinal utility can provide us with the information about a customer ranking in different baskets, it does not show the extent or by how much
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Explain why the assumption of cardinal utility is not needed in order to rank consumer choices. Cardinal utility is not needed in order to ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
An airline ticket from Baltimore to Miami costs $425. A bus ticket is $125. Traveling by plane will take 5 hours, compared with 35 hours by bus. Thus, the plane costs $300 more but saves 30 hours of time.
Answers (1)
Wiki Wiki Company has determined that the variable overhead rate is $4.50 per direct labor hour in the Fabrication Department. The normal production capacity for the Fabrication Department is 10,000 hours for the month.
Answers (1)
Ethan received his credit card statement in the mail and noticed an unfamiliar charge. He notified his bank immediately, and a month later the bank provided him with a copy of his signature previously authorizing the charge. What happens next? A.
Answers (1)
What happens if a spelling checker does not have a suggestion for a misspelled word?
Answers (2)
State and Local Governments During Recessions. During recessions, state governments often will have to raise taxes and cut spending in order to keep their own budgets balanced.
Answers (1)
New Questions in Business
China has a collectivist culture. how do you believe that this will affect managers in a starbucks store?
Answers (1)
XYZ title, in preparing a title commitment for a transaction set to close on July 1, 2009, comes across a deed from July 1, 1988 that is improperly acknowledged. What notation should they put on the title commitment?
Answers (1)
When a firm in perfect competition has economic profit is equal to zero?
Answers (1)
Workers who receive benefits are often less motivated. True or false.
Answers (1)
Examples of transaction costs include (check all that apply) : A. the cost of the externality. B. the cost of monitoring an agreement. C. the cost of drafting a contract or agreement. D.
Answers (1)
Home » Business » Explain why the assumption of cardinal utility is not needed in order to rank consumer choices. Cardinal utility is not needed in order to rank consumer choices because economists
Sign Up Forgot Password?