1. Over thepast decade medical costs have increased more rapidly than other prices. Inorder to illustrate how rising medical costs have affected consumeralternatives, let X represent the quantity of medical services, and let Yrepresent 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 [img width=’61’ height=’19’ src=’file:///C:/Users/KEVINM~1/AppData/Local/Temp/msohtmlclip1/01/clip_image002.png’ v_shapes=’ i1025’>, , and . i. Graphthe budget line, and determine the market rate of substitution. ii. Illustratethe budget set. iii. Show inyour graph what happens to the budget constraint if increases to $15. iv. What isthe meaning of the slope of the two budget constraints?
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