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Question 2 (3 points) Universal Basic Income (UB1) has been preposed as an alternative to welfare programs. UBI is a xed amount transference made to every citizen in a country. Suppose that the United States government has decided to implement UBI in expectation of an increase in the price of health services. You are the Chief Economist of the UBI Unit. The representative consumer has preferences over health services, It, and a consumption good, c represented by the Cobb Douglas utility function: U (h, c) = h\" 261/ 2. Suppose that the consumer's current income is $1,000, that the initial price of health services is pr}, 2 1 and the price of the consumption good is p,3 : 1. According to some estimates, the price of health products is expected to increase to pk = 4. 1. (1 point) Recall that this consumer spends half of her income in consumption and half in health ser- vices. Calculate her indirect utility function as a function of the parameters of the model, 11(m, pa, pk). 2. (1 point) Calculate her utility level before the price increase and after it goes up. Once prices go up, calculate UBI as a transfer made to the representative consumer to be as well off as she was initially. 3. (1 point) A lobbyst from the health services industry proposes to tax the consumer instead and subsidize the health services industry so that they don't increase their prices. Calculate the total amount of money that the consumer would be willing to pay to avoid the increase in prices