8. Insulin is a potentially life-saving drug for people with diabetes (about 10% of the US population). Recent increases in the price of insulin have sparked anger and have led to calls for the government to "do something" to bring the price of insulin down.

a. Suppose the government provides a subsidy (voucher) to insulin consumers whose income is below a certain level. Explain the effects of this subsidy to consumers on the equilibrium price and quantity of insulin. Would the subsidy to consumers make insulin more affordable?

b. Suppose instead the government provides a subsidy to insulin producers. Explain the effects of this subsidy to producers on the equilibrium price and quantity of insulin. Would the subsidy to producers make insulin more affordable?

c. Suppose instead of any subsidy the government sets a price ceiling on insulin below the equilibrium price. Explain the effects of this price ceiling on the price and quantity of insulin. Would the price ceiling make insulin more affordable?

d. Which of these three approaches is the "best" way to make insulin more affordable? Justify your answer, being sure to state what you mean by "best."