Question

As of March 2018, the unemployment rate is 4.1, which means that there is a 4.1% probability that a working age adult is unemployed.

1. If we surveyed 100 adults, what is the probability that exactly 5 of them are unemployed?

2. What is the probability that no more than 2 are unemployed?

Answer #1

Mean = np = 100 * 0.041 = 4.1

Standard deviation = sqrt( np(1-p))

= sqrt( 100 * 0.041 * 0.959)

= 1.9829

a)

Using normal approximation

P( X < x) = P( Z < x - mean / SD)

With continuity correction,

P(X = 5) = P(4.5 < X < 5.5 )

= P( X < 5.5) - P( X < 4.5)

= P(Z < 5.5 - 4.1 / 1.9829) - P(Z < 4.5 - 4.1 / 1.9829)

= P( Z < 0.7060) - P( Z < 0.2017)

= 0.7599 - 0.5799

= **0.1800**

b)

P( X <= 2) = P( Z <2.5 - 4.1 /1.9829)

= P(Z < -0.8069)

= **0.2099**

A local county has an unemployment rate of 4.1%. A random sample
of 15 employable people are picked at random from the county and
are asked if they are employed. The distribution is a binomial.
Round answers to 4 decimal places.
a) Find the probability that exactly 4 in the sample are
unemployed.
b) Find the probability that there are fewer than 4 in the
sample are unemployed.
c) Find the probability that there are more than 3 in the...

The official U.S. unemployment is at 4.1 percent, but the
broader measure of unemployment that includes those who are
unemployed due to economic reasons is 8.1 percent. A large number
of the population who can work have given up looking for one due to
lack of skills, where they live or lack of confidence. Using the
Production Possibility Frontier graph, demonstrate what it means
when a large number of working age population remains
unemployed.

) As of March 2018, the adult population for the U.S. is
257,097, the total number of employed people is 155,178, and the
total number of unemployed people is 6,585 (all figures in this
question are measured in thousands).
a. What is the unemployment rate for the U.S.?
b. What is the labor force participation rate for the U.S.?
c. Of the 6,585 unemployed people, if 1,000 become discouraged
and stop looking for work, what is the new unemployment rate?...

1. The unemployment rate measures:
A. The percentage of working age adults who are unemployed.
B. The percentage of working age adults who are unemployed but
not looking for work.
C. The percentage of working age adults who are employed.
D. The percentage of the labor force who do not have a job, but
are looking for one.
2. What does the US unemployment rate range normally return to
as the long-run average?
A. Somewhere between 5% and 7%.
B....

According to a Department of Labor report, the city of
Lancaster had a 20% unemployment rate in May of last year. Eight
working-age residents were chosen at random. Use Excel functions to
compute the probabilities. Write the Excel function you used in
your solution.
What is the probability that exactly one of the residents was
unemployed?
What is the probability that at least two of the residents were
unemployed?
What is the probability that exactly four residents were
unemployed?
What...

according to cnn, the unemployment rate fell to 3.7% in
september 2018, the lowest level since December 1969. What is the
probability of finding more than more 14 unemployed people in a
random sample of 200 people?

1. some have suggested that its 4.1% rate of
unemployment, the U.S. economy is at "full employment". in no more
than five(5) lines of typed text beliw this question, describe and
explain what this means. bes sure to provide a numerical analysis
in your answer
2. consider the facts in the question immediately
above. jim, a worker in a hypothetical economy just received a 3.2%
pay raise from his employer. in no more than five(5) lines of typed
text below...

1. some have suggested that its 4.1% rate of
unemployment, the U.S. economy is at "full employment". in no more
than five(5) lines of typed text beliw this question, describe and
explain what this means. bes sure to provide a numerical analysis
in your answer
2. consider the facts in the question immediately
above. jim, a worker in a hypothetical economy just received a 3.2%
pay raise from his employer. in no more than five(5) lines of typed
text below...

Question 2a
Suppose that the unemployment rate is 5%, the total working age
population is 200 million, and the number of unemployed is 7.5
million. What is the labor force participation rate? (write your
answer as XX.y. only one decimal)
Question 2b
Suppose that the unemployment rate is 5%, the total working age
population is 200 million, and the number of unemployed is 7.5
million. What is the labor force? (Write out the answer with all
the zeroes)
I got...

A local county has an unemployment rate of 5.4%. A random sample
of 17 employable people are picked at random from the county and
are asked if they are employed. The distribution is a binomial.
Round answers to 4 decimal places.
a) Find the probability that exactly 2 in the sample are
unemployed. ?
b) Find the probability that there are fewer than 4 in the
sample are unemployed. ?
c) Find the probability that there are more than 4...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 3 minutes ago

asked 8 minutes ago

asked 13 minutes ago

asked 14 minutes ago

asked 28 minutes ago

asked 30 minutes ago

asked 47 minutes ago

asked 49 minutes ago

asked 54 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago