Diminishing Productivity and the Feasible Frontier
A freelance graphic designer finds that they are most creative and efficient during the first few hours of their workday. As the day progresses, their rate of producing high-quality designs slows down. Explain why the feasible frontier, which shows the trade-off between their free time and income, would be concave (bowed inward towards the origin).
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Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
Ch.3 Doing the best you can: Scarcity, wellbeing, and working hours - The Economy 2.0 Microeconomics @ CORE Econ
Analysis in Bloom's Taxonomy
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Diminishing Productivity and the Feasible Frontier
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A freelance graphic designer's productivity, measured by projects completed per hour, is highest during the first hour of their workday and decreases with each subsequent hour. Given that their income is directly tied to the number of projects completed, the opportunity cost of taking an hour of free time is lower at the beginning of the workday compared to the end of the workday.
A consultant's productivity, and therefore their effective hourly earnings, is highest at the beginning of their workday and decreases with each additional hour worked. Match each point in their workday with the corresponding opportunity cost of taking one more hour of free time.
For a worker whose productivity, and thus their effective hourly income, diminishes with each additional hour they work, the opportunity cost of taking one more hour of free time ________ as the total number of hours worked per day increases.
A baker's productivity decreases throughout their workday. They produce 10 loaves in their first hour, 8 in their second, 6 in their third, and 4 in their fourth. They are paid a fixed price per loaf. Arrange the following decisions to work an additional hour in order from the one that adds the most income to the one that adds the least income.
Evaluating a Freelancer's Decision
A freelance editor's productivity declines the more hours they work in a day. In their first hour, they can edit 10 pages; in the second, 8 pages; in the third, 6 pages; and in the fourth, 4 pages. They earn $5 for each page edited. What is the opportunity cost for the editor if they decide to take the third hour of their workday as free time?