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MICROECONOMICS CH : 3 CONSUMER'S EQUILIBRIUM UTILITY ANALYSIS — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 3 CONSUMER'S EQUILIBRIUM UTILITY ANALYSIS4 Marks
Question
Distinguish between cardinal and ordinal measurement of utility.
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Answer

Cardinal :- means that utility (satisfaction) can be measured terms of cardinal numbers or units like 1, 2 and 3.
Ordinal :- means that utility (satisfaction) can only be ranked (high or low); it cannot be expressed in terms of units like 1, 2 and 3.

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