1) Think back to your last shopping trip, whether it be for food, school supplies/clothes, a cell phone, etc

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1) Think back to your last shopping trip, whether it be for food, school supplies/clothes, a cell phone, etc. Create a pros and cons chart (list) that illustrates the cardinal and ordinal theory approaches for this trip. Explain which method you would prefer to use and why.

2) The utility approach to consumer demand theory is based on the assumption of cardinal utility, while the indifference curve approach is based on ordinal utility. Explain which approach is better and why. Bring in an outside source to back up your rationale.