Q2 Consumption-Leisure Model 6 Points Recall that equilibrium in the static consumption-labor choice model is given by the following five equations: Y = AKa[1-a R = QAKa-1[1-a W = (1 - a) AKL-a L= HO N - 4 ( W/P) K] Y = C Q2.1 3 Points Explain in words how (e.g., increase/decrease) and why an increase in 4 would affect equilibrium labor. You must express your answer in your own words. A complete answer will provide clear intuition for why y affects equilibrium labor. Enter your answer hereSave Answer 02.2 3 Points Explain in words how (e.g., increase/decrease) and why an increase in (,0 would affect equilibrium output. You must express your answer in your own words. A complete answer will provide clear intuition for why 90 affects output. If demand and supply increasel *Unsaved Changes