ASSUMPTIONS UNDERLYING ORDINAL UTILITY APPROACH

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ASSUMPTIONS UNDERLYING ORDINAL UTILITY APPROACH • Under ordinal or Indifference approach consumer is said to be rational. According to this approach utility can not be measured in numbers rather it can be measured through ordinal scale. • which is qualitative in nature. Marginal rate of substitution is diminishing. Consumer is assumed to be consistent in his or her choice. Assumption of transitivity also holds. • #techonomics205 • #econometrics • #economics • #microeconomics

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