Short answer questions.

10. How is the substitution effect related to the Law of Demand? 1 1. Joe works 10 hours per day and earns a wage of $15/hour. He recently won $10,000 in the state lottery. If leisure is a normal good for Joe, does he work more or less than 10 hours/day? 12. Reggie consumes 15 cups of coffee per week at a price of $2.50. When the price increase to $3, Reggie only consumes 10 cups of coffee per week. If the substitution effect is 2, what is the income effect of the price increase