Saturday, August 4, 2018

Utility

*Utility -* The satisfaction, people drive from consumption activities.
There are two types utility -
1. Cardinal utility
2. Ordinal utility

1. Cardinal utility -  cardinal utility analysis is based on the cardinal measurement of utility which assumes that utility is measurable.
Example -  Rating of cricketers

2. Ordinal Utility -  measurement of the system by mechanism of ranking in a particular order.
Example -  Ranking of footballer
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