Question #222335
Explain the difference between the equilibrium conditions of the consumer under cardinal utility
approach and ordinal utility (indifference curves) approach.
1
Expert's answer
2021-08-02T15:02:11-0400

Based on ordinal utility, a customer gains equilibrium consumption basket of products if he meets criterion of gaining as much as he can provided a set of preferences. It translates to indifference curve slope being same as budget constraint slope.


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