Assertion: utility | /r/HasProperty | measurable
Facets:
value: cardinally
type: DEGREE
Source sentences:
text: Utility is cardinally Measurable: It is assumed that the utility is measurable, and the utility derived from one unit of the commodity is equal to the amount of money, which a consumer is ready to pay for it, i.e. 1 Util = 1 unit of money.
text: If utility in economics is cardinal and measurable, the total utility (TU) is defined as the sum of the satisfaction that a person can receive from the consumption of all units of a specific product or service.
text: Definition: The Cardinal Utility approach is propounded by neo-classical economists, who believe that utility is measurable, and the customer can express his satisfaction in cardinal or quantitative numbers, such as 1,2,3, and so on.
text: The neo-classical economist developed the theory of consumption based on the assumption that utility is measurable and can be expressed cardinally.
text: Utility is cardinally Measurable: It is assumed that the utility is measurable, and the utility derived from one unit of the commodity is equal to the amount of money, which a consumer is ready to pay for it, i.e. 1 Util = 1 unit of money.
text: Utility is Additive: The cardinalists believe that not only the utility is measurable but also the utility derived from the consumption of different commodities are added up to realize the total utility.