(Answered) The table below reports some labor market figures for a

Economics

The table below reports some labor market figures for a hypothetical country, Blefuscu in 2005. Assume that there are only two types of employment: full time and part time. Everyone who is not employed is unemployed. Calculate the Labor force participation and ii) unemployment rate. Show all your calculations.

Population	850,000
Working age population	400,000
Number of people Not in the labor force	50,500
Part-time employment as a percentage of total employment	15%
Number of full-time employees	201,451
Rate of underemployment	2%

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