Suppose the government implements a comparable cash transfer policy instead of a minimum wage policy. Use the time allocation model to compare the welfare implications of cash transfer vs minimum wage, in terms of the change in consumption, labor supply, and welfare of poor households. Assume that home time is a normal good, and that its substitution effects are stronger than its income effects.

***Hint: to ensure policies are comparable, first find the cash transfer that allows households to choose the ultimate consumptionhome time bundle after the minimum wage policy is implemented