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Author Question: What is the difference between ordinal and cardinal measurement? What will be an ideal ... (Read 67 times)

deesands

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on: Jul 1, 2018
What is the difference between ordinal and cardinal measurement?
 
  What will be an ideal response?

Question 2

The absolute value of the slope of an indifference curve equals the ratio of the marginal utilities of the two goods involved.
 
  Indicate whether the statement is true or false
Microeconomics ¦ Perloff ¦ 8th Edition
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cclemon1

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Reply #1 on: Jul 1, 2018
Answer to Question 1

Prices are measured in money, which is a cardinal measure. When you have 100 you are twice as well off compared to having 50. With an ordinal measure like an exam grade you can say that an A is better than a B but not how much better it is.

Answer to Question 2

True . The MRS can be represented as the ratio of both those quantities.


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