The following table models labor supply and demand (in thousands of people).Wage Quantity Supplied Quantity Demanded15 120 13020 130 13525 140 14030 150 14535 160 150Due to COVID-19, the labor demand curve shifts. The new demand can be modeled as follows.Wage Quantity Demanded15 11020 11525 12030 12535 130In the short run, wages are sticky and remain the same as before the pandemic. If the working-age population is 200 thousand and the labor force is 140 thousand, what is the unemployment rate during the pandemic?(Round your answer to one decimal point.)

The following table models labor supply and demand (in thousands of people).Wage Quantity Supplied Quantity Demanded15 120 13020 130 13525 140 14030 150 14535 160 150Due to COVID-19, the labor demand curve shifts. The new demand can be modeled as follows.Wage Quantity Demanded15 11020 11525 12030 12535 130In the short run, wages are sticky and remain the same as before the pandemic. What is the decline in the number employed?

] Consider a labor market where the demand curve is 𝐻 = 80 − 𝑤 and the supply curve is𝐻 = 𝑤 − 10.(a) [10 marks] Find the market-clearing wage and quantity (measured in number of hours per week per labor forceparticipant). For the next two parts, assume that the market is operating at this wage at the moment.(b) [10 marks] Due to a demand shock, the labor demand curve becomes 𝐻 = 70 − 𝑤. Find the new market-clearing wage and the change in 𝐻.(c) [10 marks] Assume the demand shock as in Part (b). Due to downward wage rigidity, 𝑤 cannot be lower thanthe value found in (a). Find the change in 𝐻.(d) [10 marks] Evaluate the assumption that the supply curve is linear instead of having a vertical (perfectlyinelastic) part. (Limited to 200 words; even if you think that this is a very bad assumption, please use thegiven supply curve for the first three parts.)2

In a given country, the total labor force population is 5,000,000, the number of employed people is 4,200,000, and the number of people looking for work but not finding it for the time being is 800,000. Please calculate the unemployment rate of the country.

Assume a country has a total population of 58 million, of which 70 per cent are part of the working-age population. 23.7 million working-age people are not looking for a job, and 11.35 million are employed. What are the labour force participation rate (LFPR) and the unemployment rate (u)?a.LFPR = 41.6%; u = 19.5%b.LFPR = 41.6%; u = 32.8%c.LFPR = 59.4%; u = 19.5%d.LFPR = 59.4%; u = 32.8%

The demand and supply of labour in a certain industry are described by the following equations: Nd = 400 – 2w  and Ns = 240 + 2w, where Nd is the number of workers employers want to hire, and Ns is the number of people willing to work.  Both labour demand and labour supply depend on the real wage w, which is measured in dollars per day. Suppose that government has decided to impose a minimum wage at $50 per day.  What will be the resulting change in (un)employment?