I have been asked to count the number of subsets of $\{1,...,n\}$ whose maximal element is $t$ for some $1 \leq t \leq n$.
I said the following:
The size of a subset whose maximal element is $1 \leq t \leq n$ can be of sizes $1,2,...,t$. The element $t$ must be in the subset, and if the subset is of size $k$ then there are $\binom{t-1}{k-1}$ ways to choose the other elements. Therefore, the answer is: $\sum_{k=0}^{t-1} \binom{t-1}{k}$, which according to the binomial coefficient theorem is equal to $2^{t-1}$.
However, I'd like to verify my above answer.
Furthermore, I am interested in computing the below sum, which is related, but I can not find a closed form. How do I go about this?
$\sum_{t=1}^{n} t \cdot 2^{t-1}$
It's just equal to the number of subsets of $\{1,\ldots,t{-}1\}$ (that accompany the required element $t$)
That is, $2^{t-1}$, as you have found.
Your closed form is $(n-1)*2^n + 1$, as OEIS A000337 will quickly tell you, and can be shown by induction fairly easily.