5. Labor Market Suppose there is a town with 2,500,000 people. 850,000 of these people work full- time while 700,000 work part-time. 275,000 of these part-time workers want to work more hours, but are not permitted to do so by their respective employers. Another 350,000 individuals in this town are under the age of 16. 600,000 other individuals are currently not working. 425,000 of these individuals are actively seeking work, while 175,000 individuals have given up looking for a job. Of the 425,000 who are actively seeking work, 175,000 lost their jobs and still have not gotten them back due to the effects on business losing demand due to COVID-19. 100,000 of the 425,000 lost their jobs due to technological advancements, and the remaining 150,000 are not working due to normal turnover in the labor force.

5. Labor Market Suppose there is a town with 2,500,000 people. 850,000 of these people work full- time while 700,000 work part-time. 275,000 of these part-time workers want to work more hours, but are not permitted to do so by their respective employers. Another 350,000 individuals in this town are under the age of 16. 600,000 other individuals are currently not working. 425,000 of these individuals are actively seeking work, while 175,000 individuals have given up looking for a job. Of the 425,000 who are actively seeking work, 175,000 lost their jobs and still have not gotten them back due to the effects on business losing demand due to COVID-19. 100,000 of the 425,000 lost their jobs due to technological advancements, and the remaining 150,000 are not working due to normal turnover in the labor force.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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