4. (25 points) Suppose you are in the economy of Upper East Side, with a total...

 

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4. (25 points) Suppose you are in the economy of Upper East Side, with a total population of 100. There are three firms (Broadway, MODE publications, and Waldorf Designs) that provide employment to the residents of Upper East Side. Currently, there are 15 people who work at Broadway, 25 at MODE publications, and 10 at Waldorf Designs. Calculate the Labor-Force participation rate, unemployment rate, Employment-Population Ratio for Upper East Side after incorporating the following infor- mation providing justification for each step. (a) The cast of CATS (10 people) is laid off at Broadway due to the lack of public demand. 3 of these performers stop looking for more jobs. 1 gets incarcerated. 1 leaves the country. (b) 5 Graduates of McKinley High (Ohio) situated in Ohio move to Upper East Side in search for a job but cannot find a job. (c) 10 Graduates of New York Academy of Dramatic Arts (NYADA) find a job on Broadway. (d) Coach Sue Sylvester, Jack Geller, Judy Geller, Claire Meade, and Eleanor Waldorf seek early retirement due to a stock market boom. (They are all residents of Upper East Side) (e) Dr. Meredith Grey and Dr. Cristina Yang's efforts fair well and they are able to advance the health conditions of Seattle residents leading to higher life expectancy. 4. (25 points) Suppose you are in the economy of Upper East Side, with a total population of 100. There are three firms (Broadway, MODE publications, and Waldorf Designs) that provide employment to the residents of Upper East Side. Currently, there are 15 people who work at Broadway, 25 at MODE publications, and 10 at Waldorf Designs. Calculate the Labor-Force participation rate, unemployment rate, Employment-Population Ratio for Upper East Side after incorporating the following infor- mation providing justification for each step. (a) The cast of CATS (10 people) is laid off at Broadway due to the lack of public demand. 3 of these performers stop looking for more jobs. 1 gets incarcerated. 1 leaves the country. (b) 5 Graduates of McKinley High (Ohio) situated in Ohio move to Upper East Side in search for a job but cannot find a job. (c) 10 Graduates of New York Academy of Dramatic Arts (NYADA) find a job on Broadway. (d) Coach Sue Sylvester, Jack Geller, Judy Geller, Claire Meade, and Eleanor Waldorf seek early retirement due to a stock market boom. (They are all residents of Upper East Side) (e) Dr. Meredith Grey and Dr. Cristina Yang's efforts fair well and they are able to advance the health conditions of Seattle residents leading to higher life expectancy.

Answer rating: 100% (QA)

Calculating LaborForce Participation Rate Unemployment Rate and EmploymentPopulation Ratio in Upper East Side Initial Data Total population100 Employe... View the full answer