Consumption (Dollars) W =$1200 $500 400 Uz 300 W= $800 200 UI - 100 10 20 30 40 50 60 Labor (Hours per week) The above graph shows Ted's preferences for labor and consumption. There are also two budget constraints. One is the budget constraint when wages are $8.00 per hour. The second is the budget constraint when wages are $12.00 per hour. The stars indicate the point of tangency between the budget line and an indifference curve. Assume that for Ted the income effect of a change in the wage rate from $8 to $12 is a decrease of 5 hours. What is the substitution effect of the wage change? an increase of 5 hours. O an increase of 15 hours. an decrease of 5 hours. a decrease of 15 hours