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According to an ILO Quarterly update on the global labor market, workplace closures and job losses due to the (IMO-19 pandemic in 2020 has led to a loss of 8.8 percent of global working-hours, which is equivalent to the loss of 255 million full-time jobs.' a. Explain the effects of this loss in labor-hour on the global outputhDP in 2020, with the aid of a potential GDP and labor market diagram. The same update goes on to say that the global labor income in 2020 declined by 8.3 percent, equivalent to US$33 trillion. b. Can you explain why the loss in labor income (8.3 percent) was lower than the loss in labor working-hours (8.8 percent)? Use diagrams to support your argument. (Hint: think of labor productivity) Improvements in total factor productivity (TFP) - ifit helps, think of FF this as technological advoncement- are also expected to suffer because of the pandemic. Acoordlngto a NBER working w COVID-IS has lowered the TFP in the UK private sector by up to 5 percent.-" c. Describe the effect of this fall in TFP on the UK outputIGDP with the help of a diagram