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Consider the following labour-leisure choice model. U(C,L) = C^(2/3)L^(1/3) C = wN + π – T...

Consider the following labour-leisure choice model. U(C,L) = C^(2/3)L^(1/3)
C = wN + π – T
H= N+ L Where
C: consumption
L: leisure
N: hours worked
H = 50 : total hours
w = 4 : hourly wage
π = 20 : non-labor income T = 10 : lump-sum tax
Suppose the hourly wage changes to w = 5. Perform a decomposition and calculate the substitution, income and total effect for each C, L, N

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