Economics

Defining and Computing Unemployment: from section 8.1 reading and my chart Use the following table to answer question 1. Table: Demographic in Fishertown Demographic Group Number of Residents Employed (Full Time & Part-Time)(employed) 9,000 Unemployed and looking for work(Unemployed) 1,000 Part-time workers due to economic reasons(employed) 500 Not working due to retirement(out of labor force) 2,000 Unemployed and not looking for work due to discouragement over job prospects(out of labor force) 600 Marginal attached workers(out of labor force) 1,400 Working-age population(employed) 15,000 Total Population 18,000 1. The above table describes the labor market status of Fishertown. Use the data to answer the following questions: a. (2 points) Calculate the size of the labor force. b. (2 points) How many residents in the working-age population are out of the labor force? (Refer to my chart in section 8.1 content) c. (2 points) Calculate the labor force participation rate. d. (2 points) Calculate the unemployment rate (U3). e. (2 points) If we count the discouraged workers in the labor force, what is the unemployment rate (U4)? f. (2 points) Explain why the working-age population and total population are different in number; why these residents are not counted in the working-age population