How is the ordinal utility concept different from the cardinal utility concept?
The key difference between Cardinal and Ordinal Utility lies within the undeniable fact that cardinal utility means to precise the impression of any goods or service in numbers. Ordinal utility means impression of any goods or service can not be calculated in terms of number.
Cardinal utility was introduced by classical and neo-classical economists, whereas ordinal utility was get existence by modern economists.
The utility may be defined as a psychological phenomenon which shows the rewarding influence of a commodity or a service. It varies from person to person because it relies on an individual’s mental disposition. it's necessary to live the utility.
The two different ideas of the utility are ordinal and cardinal utility. The ordinal utility helps in expressing the employment of a product by comparing it with the opposite products.
On the opposite hand, the cardinal utility helps in measuring the utility of the merchandise with the assistance of the product’s weight, length, temperature, etc.
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