Answer:
a) Total working age population: 32,200 persons
b) Labor force participation rate: approximately 78.26%
c) Unemployment rate: approximately 4.76%
d) Discouraged worker rate: approximately 1.98%
Step-by-step explanation:
a) Total working age population:
To find the total working age population, we need to sum up all the categories mentioned above:
Total working age population = Full-time students + Individuals taking care of children + Full-time workers + Part-time workers + Individuals who want to work but are not currently working
Total working age population = 2,000 + 4,500 + 20,000 + 4,000 + 1,700 = 32,200 persons
b) Labor force participation rate:
The labor force participation rate is the percentage of the working age population that is either employed or actively seeking employment.
Labor force participation rate = (Full-time workers + Part-time workers + Individuals actively seeking work) / Total working age population * 100
Labor force participation rate = (20,000 + 4,000 + 1,200) / 32,200 * 100 = (25,200 / 32,200) * 100 ≈ 78.26%
c) Unemployment rate:
The unemployment rate is the percentage of individuals in the labor force who are actively seeking employment but are currently unemployed.
Unemployment rate = (Individuals actively seeking work / Labor force) * 100
Unemployment rate = (1,200 / 25,200) * 100 ≈ 4.76%
d) Discouraged worker rate:
The discouraged worker rate is the percentage of individuals in the labor force who have given up looking for work.
Discouraged worker rate = (Individuals who have given up looking for work / Labor force) * 100
Discouraged worker rate = (500 / 25,200) * 100 ≈ 1.98%