(b) Suppose a hypothetical case study of a labor Market that shows following informationAgeDon't have aDon't have aHave a fullHave a partjob but arelooking forjob and aretime jobtime jobnot lookingTotalonefor one<1015015010-1513513516-2012030758030521-302050252011531-5080100554027551-702505015080530504030170290>702703356751800Total520a. what is the Size of Labor Force in this economyb. Calculate the Labor Force Participation Rate for this economy.c. Calculate the Unemployment Rate for this economy.

The labour force participation rate is the measure to evaluate working-age population in an economy.…

51-70 250 50 >70 50 40 30 170 290 Total 520 270 335 675 1800 a. what is the Size of Labor Force in this economy b. Calculate the Labor Force Participation Rate for this economy. c. Calculate the Unemployment Rate for this economy.

51-70 250 50 >70 50 40 30 170 290 Total 520 270 335 675 1800 a. what is the Size of Labor Force in this economy b. Calculate the Labor Force Participation Rate for this economy. c. Calculate the Unemployment Rate for this economy.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

(b) Suppose a hypothetical case study of a labor Market that shows following information
Age
Don't have a
Don't have a
Have a full
Have a part
job but are
looking for
job and are
time job
time job
not looking
Total
one
for one
<10
150
150
10-15
135
135
16-20
120
30
75
80
305
21-30
20
50
25
20
115
31-50
80
100
55
40
275
51-70
250
50
150
80
530
50
40
30
170
290
>70
270
335
675
1800
Total
520
a. what is the Size of Labor Force in this economy
b. Calculate the Labor Force Participation Rate for this economy.
c. Calculate the Unemployment Rate for this economy.

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