As a potential economist, you are given the following scenario for a fictional economy: Suppose the working-age populati

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As a potential economist, you are given the following scenario for a fictional economy: Suppose the working-age populati

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As A Potential Economist You Are Given The Following Scenario For A Fictional Economy Suppose The Working Age Populati 1
As A Potential Economist You Are Given The Following Scenario For A Fictional Economy Suppose The Working Age Populati 1 (273.96 KiB) Viewed 60 times
As a potential economist, you are given the following scenario for a fictional economy: Suppose the working-age population of a fictional economy falls into the following categories: 50 people have full-time employment; 25 have part-time employment; 15 people have part time jobs but are also actively looking for full time jobs, 20 do not have employment, but are actively looking for employment; and 10 people are stay at home parents. {Show all the steps including the relevant formulae & proper units} ALL CALCULATIONS ARE FOR THE OFFICIAL SIZE OF THE LABOR FORCE AND OFFICIAL UNEMPLOYMENT RATE. • (1) What is the size of Labor force • (2) What is the Unemployment rate
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