CAN BENEFIT'S BE MEASURED?

Utility can be defined as the satisfaction consumers get after consuming a good or services . It varies from one person to another as it all about the person's behaviour. The utility is measured in terms of "UTILS" . There are two principles theory of utility:

1. CARDINAL UTILITY :  Satisfaction survey the consumer for the using of goods and services can be expressed numerically. Cardinal utility is less realistic, as it is measured in terms of quantitatively like height, length etc or 1,2,3,so on.

                                                 The Cardinal utility was formulated by non classical economist,and the measurement of its is also known as "RATING".

EXAMPLES: ● Ratings for movies in IMDb
● As a customer we can give Flipkart and Amazon ratings.
●After watching a movie we can give ratings in BookMyShow application.

2. ORDINAL UTILITY:  The satisfaction which shown by the consumer,for the usage of goods and services which cannot be expressed numerically. Ordinal utility is more realistic as measured in terms of ' less than' or 'more than' .
                                   The the measurement is also known as '"RANKING" it is put forward by the modern economist.

EXAMPLES: ● We can give ranking in Billboard top list.
● Student are given ranks in AICTE.