Question
Cardinal measurements (such as weight in grams) are important to scientists because they represent a value that can be mathematically manipulated. Ordinal measurements represent a
Cardinal measurements (such as weight in grams) are important to scientists because they represent a value that can be mathematically manipulated. Ordinal measurements represent a ranking or preference. Utility is an ordinal concept. It cannot be measured, but consumers can rank preferences for various economic goods. You can rank your preferences for consumer goods, but societal preferences are not so easily determined.
Rank your preferences and then discuss society's preferences for (1) national defense, (2) campaign finance reform, (3) police protection, (4) NFL football and (5) aid to the poor. Include your ideas for ranking these issues the way that you have.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started