The graph below shows unemployment rates for three different age groups from 1970-2018: 16-24 (green), 25-54 (red), and 55+ (blue). Click here to see the live data. Credit: U.S. Bureau of Labor Statistics, Unemployment Rate - 25-54 Yrs. [LNS14000060], Unemployment Rate - 55 Yrs. & Over [LNS14024230], Unemployment Rate - 16-24 Yrs. [LNS14024887], retrieved from FRED, Federal Reserve Bank of St. Louis FRED - Unemployment Rate: 25 to 34 years !!] - Unamployment Rate: 55 years and over (20 - Unemployment Rate: 16 to 24 years 31 20 0 175 150 Percent 10.0 50 25 121 1975 1985 1990 1995 2000 2025 2010 2015 Shaded areas indicate U,S, recessions Source: U.S. Bureau of Labor Statistics myfiredkunx v 1st attempt Part 1 (1 point) See Hin Which group has consistently had the highest unemployment rate?Part 2 (1 point) See Hint Think of the overall unemployment rate as a weighted average of each age group's unemployment rate. The table below reports each age cohort's labor force share (LFS) and unemployment rate for four years. 16-24 25-54 55+ Year Labor force Unemployment Labor force Unemployment Labor force Unemployment share (LFS) rate share (LFS) rate share (LFS) rate 1970 21.6% 11.1% 60.9% 3.4% 17.5% 2.9% 1985 20.5 13.6 65.6 5.9 12.9 4.1 2000 15.8 9.3 71.1 3.1 13.1 2.6 2015 13.5 11.6 64.4 4.5 22.1 3.8 The overall unemployment rate in 1970 was 4.9 (give your answer to one decimal place). Part 3 (1 point) See Hint Look back at the table and notice what has happened to the labor force shares of younger and older workers from 1970 to 2015. The share of younger workers has steadily fallen while the share of older workers has steadily risen. Suppose this trend continues. All else being equal, this would naturally lead to unemployment rate