Over the past decade medical costs have increased more rapidly than other prices. In order to illus Show more Over the past decade medical costs have increased more rapidly than other prices.

Over the past decade medical costs have increased more rapidly than other prices. In order to illus Show more Over the past decade medical costs have increased more rapidly than other prices.

In order to illustrate how rising medical costs have affected consumer alternatives let X represent the quantity of medical services and let Y represent the quantity of other goods. Furthermore let income (M) be measured in hundreds of dollars the price of medical services and other goods in terms of dollars per minute with M = 100 Px = 4 and Py = 5. a) Graph the budget line and determine the market rate of substitution. b) Illustrate the budget set. c) Show in your graph what happens to the budget constraint if Px increases to $10. d) What is the meaning of the slope of the two budget constraints? Show less

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