I An individual values both consumption and leisure. Suppose the individual has 1600 hours per month they can allocate between leisure and work. IF the individual works, they make a wage of 25 per hour. The individual's utility function is given as a function of leisure time, L and consumption, c: A U(L,c)=Lzcz a) Draw the individual's budget constraint for leisure and consumption. b) How much leisure time will the individual have when utility maximizing? ) Consider a Universal Basic Income policy like the one proposed by Andrew Yang that would give all individuals a lump-sum, unconditional cash transfer of $1,000 each month. How much leisure time will the individual have when utility maximizing with the cash transfer? d) Now suppose, instead of a cash transfer, a minimum wage of $40 per hour is implemented. How much leisure time will the individual have when utility maximizing with the minimum wage? e) What change in leisure time can be attributed to the substitution effect