Q1 (c) (5 points) If instead of increasing work to 45 hours a week, Bill reacted to this wage cut by working 35 hours, what can we say about his income and substitution effects? What would happen to Vanessa's labour supply? Q1 (b) (5 points) Now, instead of taking Bill's hours as given, analyze the decision by both Bill and Vanessa in terms of labour supply, putting consumption in the background. First, if Bill decided to work 45 hours after this wage change, what can we say about his income and substitution effects? What would happen to Vanessa's labor supply? Q1 (a) (5 points) This question will analyze the impact on a person's labour supply from a shock to their partner'sjob. Assume leisure is a normal good. Let's assume Vanessa has a wage rate of $20 per hour. Recently her partner, Bill, had to take a wage cut at work, with his wage falling from $45 per hour to $30 per hour, but allowed them to continue working 40 hours per week. Analyze the decision of the household over choice consumption and Vanessa's leisure, taking Bill's hours as given (constant)