Bonus Question (1| pts}: Properly graph the income and substitution effects and explain each of the following situations: I. The effect ofan increase in ning income on the hours of labor supplied by the worker. assuming he perceives leisure as an inferior good. 2. The effect of a decrease in W on the hours of labor supplied by the worker, assuming she perceives leisure m a normal good and the income effect ofthe decrease in wages dominates the substitution effect. END {11" QUESTIONS