Consumer preference is defined as the subjective tastes of individual consumers, measured by their satisfaction with those items after they’ve purchased them.Consumer preferences can be measured by their satisfaction with a specific item, compared to the opportunity cost of that item since whenever you buy one item, you forfeit the opportunity to buy a competing item.Consumer satisfaction which they derive from the fulfillment of their preferences can be determined by two approaches which are ordinal approach that is the utility derived is measured by giving ranks for example we prefer a BMW car to a Nissan car, but we don’t say by how much.The other method is cardinal utility approach in which utility is measured numerically such that when say that we prefer chocolates twice more than biscuits. Lets consider an example you are an avid video game fan and so you go to a shop to buy your video game console,suppose the shopkeeper shows you two consoles one is “playstation” and the othe...