Suppose 180,000 people are employed, 20,000 people are unemployed, the working-age population is 250,000, and 50,000 people are not in the labor force. Calculate the unemployment rate
What will be an ideal response?
The unemployment rate is calculated as:
× 100
The labor force is the sum of those employed plus the unemployed. This is 180,000 plus 20,000 which equals 200,000 people. Substituting this information into our equation, we get:
× 100
which equals 10%.
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What is the relationship between price elasticity of demand and the monopolist's revenue?
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