................... utility means that an individual can attach specific values or numbers of utils from consuming each quantity of a good or basket of goods.
Cardinal
Utility analysis comes in two forms. The older Marshallian approach, developed by Jevons, Walras and Marshall, assumes that satisfaction can be measured in absolute units called utils, just as weight is measured in kilograms. The later indifference-curve approach of Hicks and Allen only assumes that a consumer can rank bundles.
The stem describes an individual attaching specific values, or a definite number of utils, to each quantity of a good or basket of goods. Assigning measurable numbers that can be added and compared in magnitude is exactly the defining feature of the cardinal concept of utility.
Ordinal utility only says that one bundle is preferred to, or indifferent to, another; the numbers carry rank and not size. Marginal utility is the extra satisfaction from one more unit, a concept used within either approach rather than a way of measuring utility. Equi-marginal refers to the law of equi-marginal utility, an equilibrium condition, not a type of utility measurement.
Cardinal option is correct.
Similar Questions
Arrange the following in descending order according to the extent of expenditure of Union Government in Budget 2023-24.
(i) Central Sector Schemes
(ii) Interest Payments
(iii) States' share of taxes and duties
(iv) Centrally sponsored schemes
What is the point elasticity when price is 12 rupees for the demand function P = 60 – 3q.
Match the following:
List I List II (a) 12th Finance Commission (i) Dr. Vijay Kelkar (b) 13th Finance Commission (ii) Dr. C. Rangarajan (c) 14th Finance Commission (iii) N. K. Singh (d) 15th Finance Commission (iv) Y. V. Reddy Codes : (a) (b) (c) (d)
Why does a firm under perfect competition continue to operate in the long run despite earning only normal/zero profits ?
When the Total Product (TP) is maximum, the Average Product (AP) is _____ and the Marginal Product (MP) is _____ .
What is the short run supply curve of a firm in a perfectly competitive market ?
According to Bergson-Samuelson social welfare function approach, social welfare is maximized when _____ .
In Chamberlin’s alternative approach, why does the excess capacity of a monopolistically competitive firm emerge ?
Which of the following term is more important in welfare economics and in designing government policy ?
To maintain price leadership, a dominant firm must ensure that _____ .
Important Questions from Mixed Topic (MH-SET)
.................... is a client server application that identifies each host on the internet with a unique user-friendly name.
Every OS has a ................ or .......... which primarily resides in the main memory of the computer to perform some of the basic functions of the OS.
(i) Kernel
(ii) Interface
(iii) Nucleus
(iv) Compiler
Codes:
Which of the following are referred to as low level language?
(i) Machine language
(ii) Assembly language
(iii) High level language
(iv) Natural language
Codes:
Match the following:
List I List II (a) New York Public Library (i) Shelv AR (b) Miami University Augmented Research Group (ii) Smart library (c) Oula University Library (iii) Wolf Walk (d) North Carolina State University (iv) Find the future Codes:
Which part of the QR code represents the encoded data?
