3. Consider the economy of Sandersonia. The population of Sandersonia is 100 people. Of the population, 70 people have jobs and 7 people are without jobs but actively looking and applying for jobs. There are 10 people who would like to work but have stopped applying for jobs out of frustration from an unsuccessful job search. There are 8 people enjoying a life of luxury during retirement and are not looking for work. Five individuals would like to work and have perused some job postings but not yet applied. a. What is the unemployment rate in Sandersonia? b. Suppose that now 70 individual in Sandersonia continue to have jobs. However, the 2 of the individuals who were actively applying for jobs have given up and stopped applyirg. What is the unemployment rate now? c. In addition to the unemployment rate, what is one other statistic economi ts can utilize to assess the state of the labor market?

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.