(Solved): Labor Market (15 points). Suppose there is a town with 6,050,000 people. 2,300,000 of these people ...

Labor Market (15 points). Suppose there is a town with $6,050,000$ people. $2,300,000$ of these people work fulltime while $1,400,000$ work part-time. 865,000 of these part-time workers want to work more hours, but are not permitted to do so by their respective employers. Another 1,150,0 0 individuals in this town are under the age of $16.1,200,000$ other individuals are currently not working. 745,000 of these individuals are actively seeking work, while 455,000 individuals have given up looking for a job. Of the 745,000 who are actively seeking work, 315,000 lost their jobs due to lost demand because of inflation. 200,000 of the 745,000 lost their jobs due to technological advancements, and the remaining 230,000 are not working due to normal turnover in the labor force. Complete parts $a,b$, and $c$ and either part d OR part e. a. Solve for the number of individuals in the labor force in this community. b. Solve for the current unemployment rate in this community. c. Solve for the total number of hidden or disguised unemployed in this town. Complete either part d OR part e and make sure to clearly state which part you are completing. d. Solve for the number of people who are considered to be structurally unemployed in the community. e. Solve for the number of people who are considered to be cyclically unemployed in the community.