Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 5QP
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Question is in attached image, Thank you!
![d) Explain the difference between ordinal and cardinal utility. Which one is generally
used in economics? Why?
e) If I were to tell you that the current state of the economy is Pareto inefficient what
would that mean?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdfedcf45-36f9-41dd-be80-a8990833e266%2Fd738a3d3-04e3-4ec2-8ebd-e47baea15195%2Fq5lint5_processed.png&w=3840&q=75)
Transcribed Image Text:d) Explain the difference between ordinal and cardinal utility. Which one is generally
used in economics? Why?
e) If I were to tell you that the current state of the economy is Pareto inefficient what
would that mean?
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