Consider the following data related to the labor market in a given economy:

Working age population...............................18 million

Labor Force..................................................15 million

Number of people employed........................13.5 million

Number of people involuntarily unemployed...300 000

Questions:

(a) Calculate the number of people not in the labor force

(b) Calculate the unemployment rate. Please show your work.

(c) Calculate the labor force participation rate

(d) Calculate the involuntary part-time rate

(e) Suppose that, due to improving economic conditions after the Pandemic, 100 000 people enter the labor market to look for work. Explain how this will affect the unemployment rate. Show a calculation.