In april 2017, the working-age population of the united states was 254.6 million. the working-age population is divided into those in the labor force (160.2 million) and those not in the labor force (94.4 million). the labor force is divided into the employed (153.2 million) and the unemployed (7.1 million). those not in the labor force are divided into those not available for work (88.7 million) and those available for work (5.7 million). finally, those available for work but not in the labor force are divided into discouraged workers (0.5 million) and those currently not working for other reasons (5.2 million).
a. the unemployment rate is (7.1 million / 160.2 million) x100-4.4%.
b. the labor force participation rate is (160.2 million / 254.6 million) x 100-62.9%
c. the labor force is 254.6 million.
d. both a and b above are true.

Suppose there are three types of consumers who attend concerts at your university’s performing arts center: students, staff, and faculty. each of these groups has a different willingness to pay for tickets; within each group, willingness to pay is identical. there is a fixed cost of $1,000 to put on a concert, but there are essentially no variable costs. for each concert: i. there are 140 students willing to pay $20. (ii) there are 200 staff members willing to pay $35. (iii) there are 100 faculty members willing to pay $50. a) if the performing arts center can charge only one price, what price should it charge? what are profits at this price? b) if the performing arts center can price discriminate and charge two prices, one for students and another for faculty/staff, what are its profits? c) if the performing arts center can perfectly price discriminate and charge students, staff, and faculty three separate prices, what are its profits?