"sixteenth" is an ordinal number. There is no ordinal number for an ordinal number!
The ordinal number of 43 is 43rd and the ordinal word is forty-third.
The ordinal number of 22 is 22nd and the ordinal word is twenty-second.
the ordinal word for 60 is sixtieth or 60th
Where the form is ordinal.
cardinal utility
to what extent is ordinal utility approach and improvement cardinal in explaining consumer behaviour in economics
. Cardinal Approach refers that you can calculate or Measure the utility (degree of satisfaction) Numerically, while According to ordinal approach you can not measure the utility numerically. 2. Cardinal Approach follow the Law of Diminishing Marginal Utility while Ordinal Approach follow the Indifference Curve. 3.Cardinal Approach Emphasis on units while ordinal approach is based on rank.
1. Cardinal Approach refers that you can calculate or Measure the utility (degree of satisfaction) Numerically, while According to ordinal approach you can not measure the utility numerically. 2. Cardinal Approach follow the Law of Diminishing Marginal Utility while Ordinal Approach follow the Indifference Curve. 3.Cardinal Approach Emphasis on units while ordinal approach is based on rank. BY SUMIT SONI(IITTM)
A difference is that with ordinal utility approaches, you cannot numerically measure the level of consumer satisfaction. With cardinal utility approaches, you can to an extent.
The cardinal approach in a careful approach that states that utility is measurable. The ordinal approach disagrees with this theory.
ordinal approach
In consumer behavior, the satisfaction that consumers get by consuming commodities is utility. A cardinalist thinks that utility can be measured, quantified, and expressed in quantitative terms. An ordinalist thinks that you cannot measure utility in quantitative terms.
Hicks and Allen developed Ordinal approach or Indifference Curve Approach.
Cardinal
Cardinal
Ordinal utility is a concept in economics that refers to the ranking of preferences among different alternative choices based on satisfaction or utility derived by an individual. It does not assign a specific numerical value to the level of satisfaction, but simply ranks the different choices in order of preference. This approach helps in understanding consumer behavior and decision-making without needing to quantify utility levels.