Saturday, September 1, 2018

ORDINAL UTILITY WITH AN EXAMPLE





ORDINAL UTILITY

It is the level of utility that is derived by a consumer after consumption of goods and services which cannot be measured numerically or in a quantified manner.

Example: 

The amount of satisfaction that I receive after consumption of Black current ice cream is more in comparison to consumption of Strawberry ice cream.

By at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

IMPACT OF SOCIETY /SOCIAL GROUPS ON PURCHASE INTENTIONS OF HOME BUYING- Consumers are the most important factor that will make any bus...

  • Supply in elasticity
    Supply in elastic:if the supply is difficult to replace the product by a substitute goods then that is known as supply-in-elastic. Example...
  • NO PROFIT WITHOUT MARKET STRUCTURE
    MARKET STRUCTURE: there are different market structures that can be characterized to an economy, without market structure any company ca...
  • Supply Elasticity
    If the supply is easy to replace by multiple suppliers then it’s known as supply elasticity. Any unskilled worker is an example of supply e...