more about the ordinal approach method in consumer analysis?

Answer 1

This is basedon the idea that we cannot quantify by how much we prefer some combination of goods to another, and that we certainly not compare across people.

Therefore the ordinal approach is used.

WHat it means is that we rank the combinations. I can tell whether I prefer 2 apples and 3 oranges, or 3 apples and 2 oranges. Say I prefer the latter. On the other hand, you prefer the former. Therefore if we start with you having 3 apples and 2 oranges and me with 2 apples and 3 oranges, we can swap so we both end up in a better position: I give you one apple and you give me an orange.

It doesn't matter by how much I prefer 3 apples and 2 oranges as compared to 2 apples and 3 oranges (cardianlity) what mattered was which combination I prefer (ordinality).

This is the main idea behind indifference curve analysis; an indifference curve links all combinations of products between which the consumer is indifferent. If the consumer is given a combination that puts him/her on a higher indifference curve, then he/she is better off. (Assuming both goods yield positive utility).

Hope that helped.

Answer 2

what's the objective of opposite intercourse marriage? it quite is approximately forming a sparkling kin; and on the subject of the criminal popularity of one's nuclear kin. Uh, "some thing to do with 'equality'" particular, precisely. some each and every guy or woman is accepted to marry, others are not any further, for no quite reason. i don't learn on the subject of the united kingdom, yet interior the U. S., there are over one thousand particular rights denied to those that aren't married, yet have civil unions particularly. It actual comes suitable right down to freedom -- why are some people allowed to marry, and others prohibited from doing so? Why could some people ward off others from doing one in each and every of those ordinary ingredient as getting married.