question archive In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year
In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year
Subject:EconomicsPrice:5.84 Bought3
In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year. What percentage of the unemployment spells you encountered was short-term, and what percentage of the unemployment you encountered in a given week was long-term?
The answer is:
d. 86.7 percent and 88.9 percent
unemployment rate:
=# of unemployed/labor force*100%
labor force=employed + unemployed
labor force is then 52+8=60
unemployment rate is 52/60*100=86.7% short term
How do I calculate the long term? Thanks
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Step-by-step explanation
Computation of Percentage of Long term Umployment:
Percentage of Long term Umployment = Long term Unemployed / Total Unemployed*100
Here,
Long term Unemployed = Unemployment in a year*Number of weeks in a year = 8*52 = 416
Total Unemployed = Unemployment in a week + (Unemployment in a year*Number of weeks in a year ) = 52 + (8*52) = 52+416 = 468
Percentage of Long term Umployment = 416/468 = 88.89% or 88.9%
