Problems 1_. !'-' Suppose that the adult population is 210 million, and there are 130 million who are employed and 5 million who are unem- ployed. Calculate the unemployment rate and the labor force participation rate. Suppose that the supply curve for school- teachers is L5 = 20,000 + 350W, and the demand curve for schoolteachers is L0 = 100,000 - 150W, whereL=the num- ber of teachers and W = the daily wage. a. Plot the supply and demand curves. b. What are the equilibrium wage and employment levels in this market? c. Now suppose that at any given wage, 20,000 more workers are willing to work as schoolteachers. Plot the new supply curve, and find the new wage and employment level. Why doesn't employment grow by 20,000? Have the real average hourly earnings for production and nonsupervisory workers in the United States risen during the past |!\" ES" 12 months? Go to the Bureau of Labor Statistics Web site (http://stats.bls.gov) to find the numbers needed to answer the question. Suppose the adult population of a city is 9,823,000 and there are 3,340,000 peo- ple who are not in the labor force and 6,094,000 who are employed. a. Calculate the number of adults who are in the labor force and the number of adults who are unemployed. b. Calculate the labor force participation rate and the unemployment rate. From Table 4.2, the CPI (with a base of 100 in 1982-1984) rose from 130.7 in 1990 to 201.6 in 2006. The federal minimum wage (nominal hourly wage) in 1990 was $3.80, and it was $5.15 in 2006. Calculate the minimum wage in real (19821984) dollars. Did the federal minimum wage increase or decrease in real dollars from 1990 to 2006