Lucky Larry likes to gamble. He especially likes to play lotteries and plays all different types that are offered. Recently, Lucky Larry won a lottern that paid $50,000 annually until you retire. As a result of his win, Lucky Larry has decided to reduce his work from fulltime hours (40 hours per week) to part-time hours ( 30 hours per week). Larry will still make $15 per hour regardless of whether he works part-time or full-time. Further, Lucky Larry will still get two weeks of unpaid vacation leave annually. Of course, Larry will still get weekends off as well. You should also note that Lucky Larry neverworked any overtime. beyond an 8 hour work day even though his employer would have been willing to let him work up to 16 hours per day. Use this information to answer the question below. a) Calculate the income effect, on an annual basis, from Lucky Larry's lottery win. Explain the effect. b) Calculate the substitution effect, on an annual basis, from Lucky Larry's lottery win. Explain the effect. c) Draw Lucky Larry's labourlelsure graph for parts a) and b). Hint: make sure to use weekly amounts for the axes. Note: the Labour-Leisure Model and the Income-Leisure Model are the same thing. The terms are used interchangeably.