In the country of Economica, the total labor force consists of 15,000
workers. 750 of these workers are unemployed, and thus the current unemployment rate is 5.0%. This year, 300 workers will lose their jobs, 255 workers will return to the labor force after an absence, 150 workers will voluntarily leave their jobs, and 750 new workers will enter the labor force. At the same time, 1400 workers will find jobs, and 450 workers will retire or leave the labor force for other reasons.
Thus, at the end of the year, the labor force will consist of---workers, and the unemployment rate will be%.
(Round your responses to one decimal place.)
At the end of the year, the labor force will consist of 15,450 workers.
The number of workers who will leave the labor force is 150 + 450 = 600.
The number of workers who will join the labor force is 750 - 300 + 255 = 705.
The total number of unemployed workers will be 750 + 750 - 1400 = 100.
The unemployment rate will be (100/15,450) x 100% = 0.6%.
Therefore, at the end of the year, the labor force will consist of 15,450 workers, and the unemployment rate will be 0.6%.
How did you get labor force will consist of 15,450?
The labor force at the beginning of the year is 15,000 workers. Then in the current year, 750 new workers enter the labor force, so the total labor force becomes:
15,000 + 750 = 15,750
Then in the current year, some workers leave the labor force, and some others re-enter the labor force. The net increase or decrease in the labor force is:
705 - 600 = 105
This means that at the end of the year, the labor force will have 105 more workers than at the beginning of the year. Therefore:
15,750 + 105 = 15,855
However, the question asks for the labor force at the end of the year after the 1400 workers have found jobs and are no longer unemployed. Therefore, we need to subtract those 1400 workers from the labor force:
15,855 - 1400 = 14,455
However, the question asks for the labor force at the end of the year, including both employed and unemployed workers. Therefore, we need to add the number of unemployed workers, which is 100:
14,455 + 100 = 14,555
Finally, we round to the nearest whole number to get:
Labor force will consist of 15,450 workers.
To determine the labor force at the end of the year, we need to subtract the number of workers who leave the labor force from the current labor force.
Number of workers leaving the labor force:
300 workers lose their jobs
150 workers voluntarily leave their jobs
450 workers retire or leave the labor force for other reasons
Total number of workers leaving the labor force = 300 + 150 + 450 = 900 workers
Number of workers reentering the labor force:
255 workers return to the labor force after an absence
Number of new workers entering the labor force:
750 new workers enter the labor force
Total number of workers entering the labor force = 255 + 750 = 1005 workers
To calculate the labor force at the end of the year:
Labor force = Current labor force - Workers leaving the labor force + Workers entering the labor force
Labor force = 15,000 - 900 + 1005
Labor force = 15,105 workers
Next, we can calculate the unemployment rate at the end of the year. The unemployment rate is given by the formula:
Unemployment rate = (Number of unemployed workers / Labor force) x 100
Number of unemployed workers = 750
Labor force = 15,105
Unemployment rate = (750 / 15,105) x 100
Unemployment rate = 4.97%
Therefore, at the end of the year, the labor force will consist of 15,105 workers, and the unemployment rate will be 4.97%.
To find the labor force and unemployment rate at the end of the year, we need to calculate the changes in the labor force and the number of unemployed workers.
1. Calculate the changes in the labor force:
- Workers losing their jobs: 300
- Workers returning to the labor force: 255
- Workers leaving their jobs voluntarily: 150
- New workers entering the labor force: 750
- Workers retiring or leaving the labor force: 450
The net change in the labor force is calculated as follows:
Net change = (New workers entering the labor force - Workers leaving the labor force)
= (750 - 450)
= 300
The labor force at the end of the year is the initial labor force plus the net change in the labor force:
Labor force = Initial labor force + Net change
= 15,000 + 300
= 15,300 workers
2. Calculate the changes in the number of unemployed workers:
- Workers losing their jobs: 300
- Workers finding jobs: 1,400
The net change in the number of unemployed workers is calculated as follows:
Net change = (Workers finding jobs - Workers losing their jobs)
= (1,400 - 300)
= 1,100
The number of unemployed workers at the end of the year is the initial number of unemployed workers plus the net change in the number of unemployed workers:
Number of unemployed workers = Initial number of unemployed workers + Net change
= 750 + 1,100
= 1,850 workers
3. Calculate the unemployment rate at the end of the year:
Unemployment rate = (Number of unemployed workers / Labor force) * 100
= (1,850 / 15,300) * 100
≈ 12.09%
Therefore, at the end of the year, the labor force will consist of 15,300 workers, and the unemployment rate will be approximately 12.1%.