02 Consumption-Leisure Model 6 Points Recall that equilibrium in the static consumptionlabor choice model is given by the following five equations: Y : AKLl-a a = aAKa-lLf-a j; = (1 a)AKC'L'\" , 1 RIP - Luo [ivWWW] Y = 0 02.1 3 Points Explain in words how {e.g., increaseldecrease] and why an increase in (,0 would affect equilibrium labor. You must express your answer in your own words. A complete answer will provide clear intuition for why {,0 affects equilibrium labor. Enter your answer here 02.2 3 Points Explain in words how (e.g., increaseldecrease) and why an increase in (,0 would affect equilibrium output. You must express your answer in your own words. A complete answer will provide clear intuition for why {,0 affects output. Enter your answer here