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Draw a budget constraint for a family

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Reference no: EM131281454

Consider the following 2 health insurance plans. Plan A has a deductible of $600 per year and a coinsurance rate of 40%. Plan B has a deductible of 2,000 per year and a coinsurance rate of 15%.

Draw a budget constraint for a family with an annual income of $40,000, under both plans assuming medical care has a price of $50 per unit and nonmedical goods have a price of 1. At what quantity of medical care do the budget constraints form both plans cross?

Reference no: EM131281454

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