The goal of this exercise is to apply the income and substitution effects learned in lecture to the topic of labor supply.1 Junyi likes two goods: a consumption good c and leisure l. He maximizes the following utility function: u(c, l) = c l where , (0, 1), > 1. Junyi has H hours to spend either working or enjoying leisure time; hours worked t therefore satisfies t = H l. The consumption good's price is p, and the hourly wage is w