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29 July, 21:48

Explain why the assumption of cardinal utility is not needed in order to rank consumer choices. Cardinal utility is not needed in order to rank consumer choices because economists

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  1. 29 July, 22:38
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    "Cardinal utility is not needed in order to rank consumer choices because economists can instead use ordinal utility to show how consumers rank different baskets". However, it is important to note that while ordinal utility can provide us with the information about a customer ranking in different baskets, it does not show the extent or by how much
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