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\fSuppose that a worker's utility {i.e., preferences} with respect to total income m and hours of leisure time per week {LTJ can be represented by the following CobbDouglas utility function: U = \"14- LTDJS (note: A=l; (1:031; B=D.E]I Assume that the market wage is $25 per hour of work {H}, and his! her non labor income is $30!] per week The worker has ill] hours per week to allocate between labor market activity and leisure time {i.e., T = M}. 1. Given the above information, specify the worker's budget constraint {i.e., the budget line equation]. Illustrate the budget line graphically. 2. Given the above information, determine the worker's equilibrium [utility maximizing] combination of work, leisure hours, and income {total and la bor market}. Illustrate the we rker's equilibrium outcome graphically [be sure to show a general sketch of the lCurve]. 3. Determine and illustrate graphically what happens to hours of work when the worker's nonlabor income decreases to SEED per week. Does this information suggest that leisure time is a 'normal' good? Explain. 4. Holding non-la bor income at the original 53:11:}, determine and illustrate what happens to hours of work and leisure time if the market wage increases to $30 per hour. You need only show the 'Total Effect' of the wage change. 5. Given the information in d., illustrate the worke r\"s labor supply function over the $25 53!] wage change. Explain which effect {SE or IE',| is dominarrt