Using the following data calculate:987,156 Currently Working23,000 volunteer workers9845 (ages 13-14) looking for work12,000 (ages 15) looking for work45,600 Part -Time Workers56 family workers who worked 15 hrs a week234 Self Employed6543 Discouraged Workers 67, 432 (ages 23-25) looking for work67, 890 laid off receptionists looking for work544, 321 (ages 16-20) looking for workCurrent population is 6,000,0005454 Temp Workers5000 armed forces543 recent university graduates that are going back to graduate school3500 institutionalized(c) suppose that 20,000of tghe employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not workingnand not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the "true" unnemployment rate.(d) Illustrate and carefully explain the impact of an increase in the income tax rate from 25 percent to 35 percent on the demand for labour, supply of labour, equillibrium wage and level of employment. Type answer please

c) If 20,000 workers shift to the underground economy and report themselves to be unemployed, then…

Answered: suppose that 20,000of tghe employed…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Using the following data calculate:

987,156 Currently Working	23,000 volunteer workers
9845 (ages 13-14) looking for work	12,000 (ages 15) looking for work
45,600 Part -Time Workers	56 family workers who worked 15 hrs a week
234 Self Employed	6543 Discouraged Workers
67, 432 (ages 23-25) looking for work	67, 890 laid off receptionists looking for work
544, 321 (ages 16-20) looking for work	Current population is 6,000,000
5454 Temp Workers	5000 armed forces
543 recent university graduates that are going back to graduate school	3500 institutionalized

(c) suppose that 20,000of tghe employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not workingnand not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the "true" unnemployment rate.

(d) Illustrate and carefully explain the impact of an increase in the income tax rate from 25 percent to 35 percent on the demand for labour, supply of labour, equillibrium wage and level of employment.

Type answer please

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