Differences in a nutshell:

Cardinal utility approach denotes that satisfaction level can be scaled in countable
number, while the ordinal approach denotes satisfaction in terms of the order.

Example of cardinal approach is like, burger gives him 50 utils. The ordinal approach
would say burger gives him more satisfaction than a pizza.

Cardinal approach is less realistic, while ordinal one is more practical.

Cardinal approach defines utility in terms of utils and ordinal ranked satisfaction.

Cardinal approach follows the quantitative method, ordinal follows qualitative indicator
(Greenlaw, Shapiro and Taylor, 2016).

Cardinal approach follows marginal utility analysis and ordinal follows the analysis of
the indifference curve and budget line.
Question 1
b. Critically evaluate the usefulness of the concept of elasticities.
Elasticity as a whole shows the relationship between two variables. One of them is independent
and the other is dependent. In economics, this theory is used to shows the response of a variable
like the demand to the change of price level, can be denoted as the independent variable.
Generally, this theory state that demand for a good or services will increase if the price of the
good goes down and demand will plunge if the price of that particular product goes up (SoutasLittle, 2012). This theory has various use in the market. Some of the important uses are: