Let us denote Ben’s daily hours of work by H, and his hours of leisure by N = 24 − H. Suppose that Ben’s only source of income is wages for hours worked. He derives utility from leisure, N, and from the consumption of a composite good, Y. The price of Y is 1. Ben’s utility function is U(Y, N) = ln(Y) + ln(N). (a) Suppose the wage rate is $60 per hour. Write down Ben’s constraint with Y and N as the choice variables.

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.