Question

What are limitations of utility analysis?

Answer 1

The assumption that utility can be measured cardinally (or numerically) is not true as utility is a subjective concept and varies from person to person and from time to time. Utility analysis assumes that marginal utility of money is constant. This assumption is unrealistic

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Answer 2

Limitations of Utility Analysis are:

1. The assumption that utility can be measured cardinally (or numerically) is not true as utility is a subjective concept and varies from person to person and from time to time.

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