Answer the Questions Below:

HBCT II: Labor Supply Go to https://'ed.stioaisfed.ory/ and create a graph with a) Labor Force Participation Rate {CIVPART} b) Civilian Labor Force Participation Rate: 25 to 54 years (LN311300060) c) Civilian Labor Force Participation Rate: 16 to 19 years (LNSllB) 1. 'What is Labor Force Participation Rate at the beginning of the Great Recession in Dec 2007? What is it in February of 2020'? 2. (Prime Working Years: 25 to 54 Years): What is Labor Force Participation Rate for this category at the beginning of the Great Recession in Dec 2007'? What was it in February of 2020'? Does this account for any of the change in part 1? 3. (Teenagers: 16 to 19 Years): What is Labor Force Participation Rate for this category at the beginning of the Great Recession in Dec 2007'? 'What was it in February of 2020'? Does this account for any of the change in part 1? Would an increase in the Minimum Wage have much effect on their participation rate based on what was said in class? Use graphical analysis to illustrate this. Does the income or substitution effect dominate? 4. Has there been a change in demographics that could explain some of the change in part 1'? If so, what is this change