Hello,Can you please help me solve the first problem of Working with the Data in Chapter 4 (page 136 #1) ofFifth Edition by Stephen D. Williamson? I need all the steps of how to solve the problemAnswer these questions using1. The employment-population ratio, from the Current Population Survey, is a measure that might correspond to the concept of employment, N, in our model.(a) Plot the employment-population ratio for the years 1980-2012.(b) Given that the real wage in the United States was increasing from 1980 to 2012, comment on what you observe on your plot.(c) How would you tell a story about the income and substitution effects in labor supply decisions that would be consistent with the data?(d) Do you think that the ratio of employment to the total population is a good measure of average hours worked per person in the economy? Explain why or why not.Thank you!