Utility is an ordinal value
Utility is defined as the benefit or satisfaction that an individual gets from the consumption of a good or service.
The choice that Lisa makes depends on her preferences—her likes and dislikes.
Utility varies from consumer to consumer and influences consumers’ purchasing choices.
we assign a value to utility by ranking goods and services in accordance to their level of satisfaction
which is how utility is measured.
The actual units that we use to measure utility really does not matter.
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