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.
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
Million Dollar Arm could be a good choice to write a essay on. It is a true story about 2 Indians that were drafted to play on an American baseball team.