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Suppose that doctors' visits cost $200 and a typical consumer has an income of $1000. Consumers spend all of their income on doctors' visits and a composite good that costs $1 per unit.
1. Draw a graph that illustrates the consumer's budget constraint, putting doctors' visits on the horizontal axis. Be sure to label your intercepts. Now suppose that the local government is considering two health plans. Under plan A, the government will give out vouchers worth two free visits to the doctor. Under plan B, the government will give out four 50% coupons to be used at the doctor's office.
2. Draw the budget line the consumer faces under plan A. Be sure to label your intercepts.
3. Draw the budget line the consumer faces under plan B. Be sure to label your intercepts.
4. For whom is the choice between plans A and B not likely to matter - those who are healthy, or those who are sick?
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