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What is the difference between ordinal utility and cardinal

1. What is the difference between ordinal utility and cardinal utility? Explain why the assumption of cardinal utility is not needed in order to rank consumer choices.

2.Upon merging with the West German economy, East German consumers indicated a preference for Mercedes- Benz automobiles over Volkswagens. However, when they converted their savings into deutsche marks, they flocked to Volkswagen dealerships. How can you explain this apparent paradox?

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Solution Preview :

Prepared by a verified Expert

Microeconomics: What is the difference between ordinal utility and cardinal

Reference No:- TGS0660133

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : In 1998 americans smoked 470 billion cigarettes the average

Q : What happens to the marginal rate of substitution as you

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Q : What is the difference between ordinal utility and cardinal

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Solution Preview :

Prepared by a verified Expert

Microeconomics: What is the difference between ordinal utility and cardinal

Reference No:- TGS0660133

Recent Questions Asked Microeconomics

Q : In 1998 americans smoked 470 billion cigarettes the average

Q : What happens to the marginal rate of substitution as you

Q : A small object is placed to the left of a convex lens and

Q : The jib crane is supported by a pin at c and a rod at ab if

Q : What is the difference between ordinal utility and cardinal

Q : Consumer preferences for various commodities did not change

Q : An inventor claims to have invented an adiabatic

Q : If jane is currently willing to trade 4 movie tickets for 1

Q : Consider a box model for an air shed over a city that is 1

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