Bill is a college student. Every week his parents give him an allowance of $100. If he work at McDonald, he can earn $15 per hour. Every day he spends 16 hours for sleep and study. For the rest time, he must decide how to allocate it between working and social life (leisure). Currently he chooses work 20 hours per week. a ) Draw a consumption-leisure diagram, carefully illustrating Bill's current labour supply decision. Mak sure to calculate all relevant values and label all axes b ) Suppose the wage rate falls to $12. Assuming the income effect dominates the substitution effect, in your graph his new labour supply decision. Please specify the substitution effect and the income effec in your graph