(a) Cardinal utility approach - this method measure utility by use of cardinal numbers which assume that consumer satisfaction can be measured.
(b) Ordinals approach (indifference approach) - maintains that consumer behavior can be explained in terms of preference so that consumers need to state the products they prefer without assigning numeral values, explained by the use of indifference curves.
kevinnyabute answered the question on February 21, 2018 at 08:34
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