The language used here is in Racket. Please explain what is the code doing and the meaning of each line. (define (set-equal? L1 L2) (cond ((not (eq? (length L1) (length L2))) #f) (else (if (subset? L1...

The language used here is in Racket. Please explain what is the code doing and the meaning of each line.

(define (set-equal? L1 L2)
(cond
((not (eq? (length L1) (length L2))) #f)
(else (if (subset? L1 L2) #t #f))))

(set-equal? '(1 2 3) '(3 2 1))
(set-equal? '(1 2) '(3 2 1))
(set-equal? '(ryan susan john) '(susan john ryan))