ECON 402 Assinment 3: Due esda Oct 5 at the le start of the lecture. Annual Data, 1997 to 2017 L and W are taken from Table 282-0072. Cansim series numbers are the numbers v…. L: v2196614 Canada; Total employees, all wages (Persons); Both full- and part-time employees; Total employees, all industries; Both sexes; 15 years and over W: v2196615 Canada; Average hourly wage rate (Current dollars); Both full- and part-time employees; Total employees, all industries; Both sexes; 15 years and over P: v41693271. Consumer price index. 2002=100. y: v62305752 Canada; Chained (2012) dollars (Dollars); Seasonally adjusted at annual rates; Gross domestic product at market prices (original data are quarterly; Pasula transformed the quarterly data to annual data).The data are in an Excel file called Labour on CANVAS. Pasula converted v to be measured in billions. Pasula converted L to be measured in millions.Define the L for ‘the model’ as (this is our theory of L) Lmodet = (1 -wa)A ilia Let a equal 0.5. Let A be calculated as y1L1′. Calculate U”del, and then adjust L’el such that it is exactly equal to L in 1997 (this allows for a straightforward comparison of the plot). In my derivation, I found Lmciel and then had to divide it by 102985 (it was then equal to L in 1997). (a) Show a plot of L and the model of L, and comment concisely. (b) Calculate the annual percentage changes in L and Lnwdel, and then plot these two percentage changes. Show the plot and comment concisely. The percentage change (or growth rate) of a variable x can be calculated as, growth rate of x (at time t) = xtr xt-ixt-1(c) Provide general comments on the results (in order to explain the results, one needs to look at the plots of the other variables- y, A, W, P, and W/P- so as to understand how they moved over this time period). Maximum length: 2 pages, with each plot taking up almost ‘/2 of one page. Put your name on the assignment. Make sure to save this assignment (and all future assignments), as this work may form part of future assignments.