Question: Question 18 8 pts Given the following formula and information, answer the following questions Location Quotient (LQ) formula: Industry's share of the local economy/Industry's share

Question 18 8 pts Given the following formula and information, answer

Question 18 8 pts Given the following formula and information, answer the following questions Location Quotient (LQ) formula: Industry's share of the local economy/Industry's share of the national economy or LQ (et/e)/(Et/ET (a) The local economy has 1,234 people employed in a particular industry and a total employment base of 16,800. For the same industry at the national level, there are 1,300,342 people employed. The total national employment base is 88,876,546 people. Calculate the LQ for this particular industry. (6 Points) (b) Based on your answer in part (a) above, is the local economy self-sufficient, a net exporter or a net importer in that particular industry? Provide support for your answer. (2 Points)

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