SophiaPretty

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About SophiaPretty

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Teaching Since: Jul 2017
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  • MBA,PHD, Juris Doctor
    Strayer,Devery,Harvard University
    Mar-1995 - Mar-2002

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  • Manager Planning
    WalMart
    Mar-2001 - Feb-2009

Category > Business & Finance Posted 02 Aug 2017 My Price 5.00

The New and Improved Health Insurance plan picks up 70% of annual medical costs

The New and Improved Health Insurance plan picks up 70% of annual medical costs over and above $200 (called the “deductible”); i.e. after spending $200 on medical care, the cost to the buyer drops by 70%.  With income on the y-axis and medical care on the x-axis, draw the budget constraint of a healthy individual (H) and a sick individual (S), both having the same income. 

(b) Sketch the indifference curves of two such individuals.

(c) Show that with the deductible, individual H is better off demanding less medical care and individual S is better off demanding more medical care.

I just need part c.

Answers

SophiaPretty
(5)
Status NEW Posted 02 Aug 2017 07:08 AM My Price 5.00

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