trade-off between work and leisure
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Think about the trade-off between work and leisure during a given day, and from day to day. During a given day, does the opportunity cost of work rise, decline, or remain constant with each additional hour of work? And, if the wage rate remains the same, does the opportunity cost of work vary from day to day, regardless of the day of the year?
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The trade-off between work and leisure is highlighted.
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The opportunity cost of work would rise during the day as it progresses. This is because we get more and more tired after working each additional hour during the course of the day. For example, early in the morning when one is fully rested and ready to start work, the amount of productivity ...
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