Could you please provide the solution to this question?

Please draw graphs, diagrams, tables etc if needed to answer the question and show FULL working out when doing calculations.

Figure 1 - Alice's consumption-leisure tradeoff ..... Budget constraint with w=20 wage rate -- Budget constraint with w=7.66 wage rate - - Parallel to the w=20 wage rate BC - Indifference curves Alice 4000 3900 3800 3700 3600 3500 3388 3200 3100 3000 2900 2800 2700 2600 2500 CO. .. . . . ... .. . . . . ...... . ... . . . . ... ...r...... .. . ...... . ....... ........ . . ...e..... ............. .. ....... ................ .... 2400 2300 2200 2100 2000 1900 1800 1700 1600 1500 1400 1300 1200 1100 .. ... . .... . . .... . .....mor. . . . . ..w. . . ..... . .... 1000 887 800 690 600 500 . . . . .. 400 300 206 168 106 88 918 28 38 48 68 78 108 118 128 138 148 612 18 Weekly free time (hours)1. Alice's consumption leisure tradeoff [15%] Alice is a worker-consumer, she chooses how many hours per week to work in a job that pays a constant wage of 20 per hour. Her job is her only source of income for consummion. Alice's indifference curves and budget constraint are represented in Fjggre 1. a. What is the slope of Alice's budget constraint? Give its interpretation as a marginal rate of transformation. b. Find Alice's optimal choice of free time, consumption, and hours worked. c. Suppose Alice's wage rate drops from w = 20 down to w = 7.66. Find Alice's new optimal choice of free time and consumption. d. Decompose the overall effect of the wage drop into a substitution effect and an income effect. e. How does the income effect change Alice's choice? Give the interpretation of the income effect. f. How does the substitution effect change Alice's choice? Give the interpretation of the substitution effect