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this is a health econ question paper
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Health Economics Professor Ashwini Sankar Problem Set #1 Spring 2022 Due: Monday, January 31st Instructions: Please type your answers into this Word file and upload it to the problem set answer folder of the course Moodle page. Draw your diagrams by hand (use of a ruler highly recommended), take photographs of the diagrams and insert them into the file. Higher marks will be given to those who write clearly and draw precise diagrams (i.e., properly labeled, straight lines, use of color if appropriate, etc.). ********** PLEASE UPLOAD ONLY WORD OR PDF DOCUMENTS**********
c) What effect does the miracle pill have on the diner's health H? Interpret this result. Does this mean the diner would be better off without the miracle pill? d) If the diner is instead trying to maximize his lifetime utility and not just his single-period utility, how might your answer to part a change? Is he likely to value Z or H more in the lifetime context than in the single-period context? Explain your answer, and be sure to invoke the concept of a capital good.