One of the assumptions of the cardinalist approach is
Answer Details
One of the assumptions of the cardinalist approach is that total utility depends on the quantity of the commodities consumed.
The cardinalist approach is a method of measuring utility, which is the satisfaction or happiness a person derives from consuming goods and services. According to this approach, the total utility a person derives from consuming a good or service depends on the quantity consumed. In other words, as a person consumes more of a good or service, their total utility will increase, but at a decreasing rate.
This approach assumes that it is possible to measure utility in cardinal numbers, meaning that it is possible to assign numerical values to the utility a person derives from consuming different goods and services. This allows for the comparison and ranking of different goods and services in terms of their utility.
In simple terms, the cardinalist approach assumes that the more of a good or service a person consumes, the more satisfaction or happiness they will derive from it, and that this satisfaction or happiness can be measured using numerical values.