Example for Income Effect

You just won the Power Ball Lottery and instead of collecting the lump sum payment, you opt to receive payments of one million dollars each year for 50 years. As a result, you decrease the number of hours you work from 40 hours per week to 10 hours per week. Assuming a 50-week work year, what is the annual income effect?

Example for Substitution Effect

You just received a raise from $20 per hour to $22 per hour and as a result you decide to increase the number of hours you work from 30 hours per week to 35 hours per week. What is the weekly substitution effect?

Give the both questions of answer with explaination and calculation