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Assume units of medical care is on the horizontal axis and spending on all other goods (S) is found on the vertical axis. If an individual has an income=$10,000 and the price per unit of medical care is $100
a) Draw the person's budget constraint
b) Explain how the optimal amount of medical care and spending on other goods and services is found. Use a graph to show optimal market basket.
c) The government established a new policy for all individuals making less than $15,000. The new policy will pay for the first $2,000 of medical care for these individuals each year. How does this affect the person's budget constraint and optimal market basket?
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