1. Using both a production possibilities curve and a production of health graph, appraise
this statement: When society allocates resources toward medical care in order to
improve population health, by definition that means that resources are diverted from the
production of other goods and services.
2. In order to promote more exercise among teens and young adults, suppose that a new,
national public health campaign using social media is very successful in motivating this
population to actively pursue gym memberships.
Appraise this statement: The public health campaign will result in increased
prices of gym membership, but not increased quantity of teens and young adults
Now suppose that the supply of gym facilities is perfectly inelastic. Would your
answer to part (a) change? Explain (very briefly, please).
3. Suppose that Benjamin’s income is $75,000 per year. He can spend it on healthcare
visits (V) or on all other goods (OG). The price per V is $75, and the price per OG is
a. Draw Benjamin’s budget constraint (put V on the horizontal and OG on the
vertical axis). Using an indifference curve, show Benjamin’s optimum if he
buys 490 OG per year.
b. Suppose that the price per V increases to $150, and that as a result Benjamin
reduces his consumption of V to 12. Draw the new budget constraint and
c. What is Benjamin’s price elasticity of demand for V?
Please answer this question in one brief paragraph of only 3-5 sentences. (NO GRAPHS required
for this question). Consider the following: There are only 365 days in a year. When Juan
works, he earns income. When Juan plays, he does not earn income, but he really enjoys
himself. Sometimes Juan is sick, and can neither work nor play. Juan wants to be
healthy, too. Appraise this statement: The problem is, since there are only 365 days in a
year, if Juan spends time investing in his health, such as by exercising, then he will have
to sacrifice both income and play time. Thus, if he wants to earn a good income and also
enjoy leisure, then investing in his health can only be considered a waste of time.
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