Delay Consider the figure to the right, where Joe initially maximizes utility at consumption-leisure combination R along budget constraint L' Suppose Joe's wage is cut in half. 1.) Use the line drawing tool to draw Joe's new budget constraint with the lower wage. Label this line 12 2.) Use the point drawing tool to identify the new utility-maximizing consumption-leisure bundle for Joe. Label this point T. Carefully follow the instructions above, and only draw the required objects.5 240- 220- 200- 180- 160- 140- Income (Market value of goods) per day R - NWA 10 12 14 16 18 20 22 24 26 Leisure hours per dayHelp lode Delay . The substitution effect causes Joe to work hours. The income effect causes Joe to work hours. The combined income and substitution effects cause Joe to work hours