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Analysis of Feasible Frontier Shapes
Consider two individuals. Individual A's consumption (c) is determined by a linear production function c = 10h, where h is hours worked. Individual B's consumption is determined by a production function with diminishing returns, c = 40 * sqrt(h). Both individuals have 24 hours a day to allocate between work and free time (t). Analyze and compare the shapes of the feasible frontiers for both individuals. In your analysis, explain what the shape of each frontier reveals about the opportunity cost of an additional hour of free time as free time increases.
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