An economy has 100 million people divided into the following groups:25 million have full-time jobs, 20 million have one part-time job, 5 million have two part-time jobs, 10 million would like to work and are looking for a job, 10 million would like to work but are no longer looking, 10 million are running their own business, 10 million are retired, and 5 million are children.

a.Calculate the labor force and labor force participation rate

b. Calculate the number of unemployed and the unemployment rate.