Use the basic assumptions of the Grossman model to address the following:

a) Under the Grossman model, investments in health can generate long-lasting benefits. Outline an example of this aspect (i.e., a stock) of the Grossman model.

b) Describe the ways that constraints (e.g., budget) could constrain an individual's optimal level of health.

c) Describe why the marginal efficiency of health investments decline as health increases.

d) Why does optimal health decline with age?

e) Under the Grossman model, can you choose and optimal time to die (presuming no unanticipated accidents or external causes)?