3. You currently work for 40 hours a week at wage rate of f12 an hour. Your free hours are defined as the number of hours not in work, which in this case is 24 hours x 7 days - 40 hours = 128 hours per week. Suppose that you are happy to keep your total weekly income constant. For each of the statements below, determine whether it is true or false. (a) If your wage rate increases to f16 an hour, then your free time will increase by 6%. (b) To have 12.5% more free time, your wage rate needs to increase by E8. (c) Doubling the wage rate would decrease your working hours by a third. (d) A wage cut of 25% leaves you with only 100 hours of free time