Short Answer
Calculating Utility from a Consumption Bundle
An individual's preferences for daily free time (t, in hours) and consumption (c, in dollars) are described by the utility function U(t,c) = t × c. If this person experiences a day with 15 hours of free time and a consumption level of $500, what is their total utility value for that day?
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Updated 2026-06-19
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CORE Econ
Economics
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Empirical Science
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Economy
Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ