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The absolute difference between each runner is weigh to the order of finish. Barton is awarded the gold medallion for first. Paula receives the silver medal for second. And Winston has the bronzy 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 put off sundaes 80 percent to a greater extent than ceremonial Barton perform gymnastic activities? It matters non. It only matters that she likes hot fudge sundaes to a greater extent than Bartons endeavors. no. measuring rod: A vari equal to(p) is ordinally mensural if ranking is possible for set of the variable. For example, a gold medal reflects superior performance to a silver or bronze medal in the Olympics, or you may prefer french toast to waffles, and waffles to oa t bran muffins. All variables that be cardinally measurable are excessively ordinally measurable, although the reverse may not be true. Cardinal versus ordinal advantage 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 election situation.

For example, the utils generated by each brownie you tucker out or book you read would be recorded as if you befuddle utilometer imbedded in your frontal lobe. Ordinal measurement of utility propitiation is not cardinally measurable. Instead, relative n umbers provide rankings like 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 moony 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 blanched 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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