3. LO 1, 3, 4 Consider a situation in which lump- sum tax is higher than dividend income and the consumer prefers an equal proportion of con- sumption and leisure. (a) Suppose that h = 16, w = 0.5, 7 = 0.6, and T = 4. Use a diagram to show the consumer's optimal choice of consumption and leisure. (b) If the consumer likes a fixed proportion of 4 units of consumption and 1 unit of leisure, how will your answer to part (a) change? Use the diagram from your answer to part (a) to show the changes. (c) Show the new optimal choice of consump- tion and leisure on the same diagram if w is now doubled. Explain this change in terms of income and substitution effects