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An individual's preferences for consumption (c) and hours of free time (t) are represented by the utility function u = 4√t + c. Consider two situations:
Situation A: The individual has 9 hours of free time and a consumption level of 20. Situation B: The individual has 9 hours of free time and a consumption level of 30.
How does the individual's willingness to trade consumption for an additional hour of free time (the marginal rate of substitution) compare between these two situations?
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