Cardinal approach: this approach attaches significance to the magnitude utility. In this approach, the size of the utility difference between the bundles is supposed to be of some sort of significance
Ordinal approach: it formulates the consumer behavior entirely in terms of consumer preferences and utility is seen only as a way to describe the preferences by ranking bundles according to the utility derived from each bundle
Dana05 answered the question on August 15, 2019 at 14:03
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August 14, 2019
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August 14, 2019
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