1. Labor Market

Suppose there is a town with 930,000 people. 445,000 of these people work full-time while 265,000 work part-time. 110,000 of these part-time workers want to work more hours but are not permitted to do so by their respective employers. Another 65,000 individuals in this town are under the age of 16. 155,000 other individuals are 16 years of age or older and are currently not working. 120,000 of these individuals are actively seeking work, while 35,000 of these individuals have given up looking for a job. Of the 120,000 who are actively seeking work, 72,000 lost their jobs due to lower demand.27,000 of the 120,000 lost jobs due to technological advancements, and the remaining 21,000 are not working due to normal turnover in the labor force.

Complete parts a, b, c, and d.

1. Solve for the labor force in this town.
2. Solve for the current unemployment rate in this town.
3. Solve for the total number of hidden or disguised unemployed in this town.
4. State the number of cyclically unemployed people in this town