Labor Market . Suppose there is a town with 550,000 people. 140,000 of these people work full-time while 180,000 work part-time. 110,000 of these part-time workers want to work more hours, but are not permitted to do so by their respective employers. Another 80,000 individuals in this town are under the age of 16. 220,000 other individuals are currently not working. 160,000 of these individuals are actively seeking work, while 60,000 individuals have given up looking for a job. Of the 160,000 who are actively seeking work, 90,000 lost their jobs due to the effects on business losing demand due to COVID-19. 30,000 of the 160,000 lost their jobs due to technological advancements, and the remaining 40,000 are not working due to normal turnover in the labor force. Complete parts a, b, c, and d. Solve for the labor force in this community. Solve for the number of people who are considered to be cyclically unemployed. Solve for the current unemployment rate in this community. Solve for the total number of hidden or disguised unemployed in this town.
Labor Market . Suppose there is a town with 550,000 people. 140,000 of these people work full-time while 180,000 work part-time. 110,000 of these part-time workers want to work more hours, but are not permitted to do so by their respective employers. Another 80,000 individuals in this town are under the age of 16. 220,000 other individuals are currently not working. 160,000 of these individuals are actively seeking work, while 60,000 individuals have given up looking for a job. Of the 160,000 who are actively seeking work, 90,000 lost their jobs due to the effects on business losing demand due to COVID-19. 30,000 of the 160,000 lost their jobs due to technological advancements, and the remaining 40,000 are not working due to normal turnover in the labor force. Complete parts a, b, c, and d. Solve for the labor force in this community.
Solve for the number of people who are considered to be cyclically unemployed. Solve for the current
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