Econ Graphs needed
- Suppose that Martha’s income is $40,000 per year. ; She can spend it on health care visits, which cost $80 per visit, or on groceries (standing for “all other goods”), which cost $100 per bag of groceries. ; Draw Martha’s budget constraint. ; Using indifference curves, show Martha’s optimum if she buys 300 bags of groceries per year.
- Suppose Martha’s income rises to $42,000 per year, and that she increases her consumption of health care visits by five visits. ; Using the graphs for Question 1, draw the new equilibrium. ; What is her income elasticity of demand for health care visits?
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