1.2 The Ordinal Utility Theory and Preferences: Economics Grade 11
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1.2 The Ordinal Utility Theory and Preferences: Economics Grade 11
Welcome back to our Grade 11 Economics series! How do we make choices when we can't put a number on our satisfaction? In this lesson, we dive into The Ordinal Utility Theory and Preferences. đź›’đź“Š Unlike the Cardinal approach, the Ordinal theory assumes we can only rank our preferences (e.g., I like apples more than bananas). We'll explore ...
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