Final answer:
The utility for an individual is calculated by summing the utility of all attributes, each multiplied by its respective weight, reflecting personal preferences.
Step-by-step explanation:
The utility for an individual equals the sum of all attributes for i multiplied by their weights times the utility of the weight for i. This concept is grounded in microeconomic theory, specifically within the realm of consumer behavior and utility analysis. The notion of utility represents the satisfaction or pleasure individuals derive from consuming goods and services.
These weights can vary based on personal preferences, economic circumstances, and context. Higher weight is given to those attributes that are more valuable to the individual, such as efficiency and transportation capability, as mentioned in the provided reference information.
To calculate total utility, individuals consider each attribute's utility and then multiply it by its respective weight. This process is then summed across all attributes, thus calculating the total utility derived from a certain combination of goods and services.