7 tpsam-u-st1-orod-feet2-ytho.contantbackboarddn.comasOntosm-uastprod-teethcotnt d4. A nation has an adult population of 75 million people. There are 45 million employedpeople and 20 million people looking for work. What is the unemployment rate? What isthe labor force participation rate?5. Consider a very simple labor market that can be described by the following equations.Qd = 50–5W and Qs = -20 + 5W.A. Illustrate graphically the free labor market. (Find QD,WD,WS,WE,QE)B. The minimum wage has risen to $9. What is the rate of unemployment? (SHOW ONGRAPH)Bronx Community College18tv

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4. A nation has an adult population of 75 million people. There are 45 million employed people and 20 million people looking for work. What is the unemployment rate? What is the labor force participation rate?

4. A nation has an adult population of 75 million people. There are 45 million employed people and 20 million people looking for work. What is the unemployment rate? What is the labor force participation rate?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

tpsam-u-st1-orod-feet2-ytho.contantbackboarddn.comas
Ontosm-uastprod-teethcotnt d
4. A nation has an adult population of 75 million people. There are 45 million employed
people and 20 million people looking for work. What is the unemployment rate? What is
the labor force participation rate?
5. Consider a very simple labor market that can be described by the following equations.
Qd = 50–5W and Qs = -20 + 5W.
A. Illustrate graphically the free labor market. (Find QD,WD,WS,WE,QE)
B. The minimum wage has risen to $9. What is the rate of unemployment? (SHOW ON
GRAPH)
Bronx Community College
18
tv

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