Suppose that initially th

Suppose that initially th

Suppose that initially the Pennsylvania economy is in equilibrium with no unemployment:= -1,000,000 + 200and= 19,000,000 – 300, where= annual wages and= numberof workers. Then structural unemployment arises because the demand for labor falls in Pennsylvania but wages there are inflexible downward and no one moves out of state. If labor demand falls to= 18,000,000 – 300, how many workers will be unemployed in Pennsylvania? What will be its unemployment rate?The 4. The following table gives data on characteristics of inhabitants in Anytown, U.S.A.a.    Identify the number of people employed, the number of people unemployed, and the number of people in the labor force.b.   Calculate the labor force participation rate, the employment rate, and the labor force unemployment rateIn cacluating Labor Force participation rate and employment rate,Chegg solution defines population as Person in the Labor Force + Person not in the labor Force,Shouldnt population be person over 16? therefore use 400?I don’t know which one is right, need helpthanks

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