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  • The Feasible Frontier Production Function in the Angela-Bruno Model

Feasible Frontier for a Power Production Function (y = a(24-t)^b)

When an economy's production technology is represented by a power function of the form g(h)=ahbg(h) = ah^b, the corresponding feasible frontier equation becomes y=a(24−t)by = a(24-t)^b. This derivation assumes that labor hours, hh, are related to free time, tt, by the equation h=24−th=24-t. The parameters are constrained such that a>0a > 0, ensuring positive output, and 0<b<10 < b < 1, which reflects the principle of diminishing marginal product of labor.

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8 days ago

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Gemini AI
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References

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Library Science

Economics

Economy

Introduction to Microeconomics Course

Social Science

Empirical Science

Science

CORE Econ

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Learn After

  • MRT and Properties of the Power Function Feasible Frontier