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The absolute difference between each runner is problematical to the order of finish. Barton is awarded the gold laurel for first. Paula receives the silver medal for second. And Winston has the chromatic medal for third. Ordinal service program applies this ranking to preferences. In the forward-looking analysis of consumer demand, the actual level of expediency(prenominal) generated from the consumption of a good is irrelevant. Only the ranking of preferences is important. Does Paula handle hot upset sundaes 80 percent to a greater extent than honoring Barton perform gymnastic activities? It matters non. It only matters that she likes hot fudge sundaes more(prenominal) than Bartons endeavors. ordinal number measuring rod: A vari fit is ordinally measured if ranking is possible for set of the variable. For example, a gold medal reflects superior performance to a silver or bronzy medal in the Olympics, or you may prefer cut toast to waffles, and waffles t o oat bran muffins. All variables that be cardinally measurable are to a fault ordinally measurable, although the reverse may not be true. Cardinal versus ordinal return Early economists assumed that state are able (perhaps only subliminally) to assign meaningful utility numbers (utils) to their felicity in one situation vis-à-vis their satisfaction in an alternate(a) situation.

For example, the utils generated by each brownie you tucker out or book you read would be recorded as if you abide utilometer imbedded in your frontal lobe. Ordinal measurement of utility rapture is not cardinally measurable. Instead, relative numbers provide rankings l! ike first, second, tied, and so on Ordinal analysis assumes that between any two bundles of goods, a person either prefers one to the other or is inattentive between the bundlesi.e., individuals can provide an ordering of bundles. Thus, ordinal utility analysis cannot tell us, for example, that one fried chicken yields 147 utils more satisfaction for the president than a few pieces of dry hot toastall that really matters is that he...If you want to get a full essay, order it on our website: BestEssayCheap.com

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