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An individual's production possibilities are described by the equation c = 2√(2(24-t)), where 'c' is units of consumption and 't' is hours of free time per day. How does the opportunity cost of one additional hour of free time change as the amount of free time ('t') increases?
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An individual's production possibilities are described by the equation c = 2√(2(24-t)), where 'c' is units of consumption and 't' is hours of free time per day. How does the opportunity cost of one additional hour of free time change as the amount of free time ('t') increases?
An individual's production possibilities are described by the equation c = 2√(2(24-t)), where 'c' is units of consumption and 't' is hours of free time per day. According to this relationship, the amount of consumption that must be given up to gain one additional hour of free time is the same whether the individual is currently taking 10 hours or 20 hours of free time.
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