Q3. (20 marks) The table below lists the number of people by labor force classification for the country of HappyLand. Full-time workers Part-time workers University Students Retired people Unemployed New-born babies Discouraged workers 80 million 20 million 15 million 5 million 12 million 1 million 30 million a. (6 marks) Calculate labor force and labor force participation rate. b. (6 marks) Calculate the unemployment rate. If the natural unemployment rate is 6%, what will be the cyclical unemployment rate? c. (4 marks) Recently, a few large steel companies streamline their operations, laying off 0.5 million workers who immediately start looking for new jobs, and transferring another 0.5 million workers from full-time positions to part-time positions. How will these affect the unemployment rate? d. (4 marks) Continuing from your answer to (c), suggest two types of unemployment that the unemployed steel workers may face. Explain your answer.