Alpha Geek

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Category > Accounting Posted 25 May 2017 My Price 8.00

Suppose that Martha’s income is $40,000 per year

Suppose that Martha’s income is $40,000 per year. She can spend it on health care visits, which cost $80 per visit, or on groceries (standing for all other goods), which cost $100 per bag of groceries. Draw Martha’s budget constraint. Using indifference curves, show Martha’s optimum if she buys 300 bags of groceries per year. 2. Suppose that Martha’s income rises to $42,000 per year, and that she increases her consumption of health care visits by five visits. Using the graphs for Exercise 1, draw the new equilibrium. What is her income elasticity of demand for health care visits? 3. Consider the following information on Alfred’s demand for visits per year to his health clinic, if his health 194 Part II • Supply and Demand P Q 5 9 10 9 15 9 20 8 25 7 30 6 35 5 40 4 insurance does not cover (100 percent coinsurance) clinic visits. (a) Alfred has been paying $30 per visit. How many visits does he make per year? Draw his demand curve. (b) What happens to his demand curve if the insurance company institutes a 40 percent coinsurance feature (Alfred pays 40 percent of the price of each visit)? What is his new equilibrium quantity?

Answers

Alpha Geek
(8)
Status NEW Posted 25 May 2017 10:05 AM My Price 8.00

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file 1495706988-Answer.docx preview (410 words )
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