Can you please help me solve the first problem of Working with the Data in Chapter 4 (page 136 #1) of Macroeconomics Fifth Edition by Stephen D. Williamson? I need all the steps of how to solve the problem
1. 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?
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