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I need to answer the following 3 questions for my Healthcare Economics class. Can you please help? Use indifference curves and budget constraint to illustrate
I need to answer the following 3 questions for my Healthcare Economics class. Can you please help?
- Use indifference curves and budget constraint to illustrate how your consumption of health care is determined (in relation to all other consumptions). In this case, assume you don't have health insurance and will face the full price.
- Now, assume your income has doubled, but everything else remains unchanged, and you still don't have health insurance. Use indifference curves and budget constraint to illustrate how your consumption of health care will change.
- Now, you are given a health insurance policy (for free), which will reimburse you 50% of all health care expenditure. There is no deductible. Use indifference curves and budget constraint to illustrate how your consumption of health care will change.
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