**Labor Force Calculation in Nuku**Nuku has an unemployment rate of 12%. There are 10,307 people who are working or have work. **Question:** How many people are in Nuku's labor force?**Instruction:** Round to the nearest whole number.---To determine the total number of people in Nuku's labor force, we need to understand the relationship between the unemployment rate, the number of employed individuals, and the total labor force.Here's a step-by-step process:1. **Identify the Given Data:** - Unemployment rate = 12% - Number of people who are employed = 10,3072. **Understand the Unemployment Rate:** The unemployment rate is the percentage of the total labor force that is unemployed.3. **Formula:** \[ \text{Unemployment Rate} = \frac{\text{Number of Unemployed People}}{\text{Total Labor Force}} \times 100 \]4. **Rewrite the Formula for Purpose:** \[ \text{Unemployment Rate} = \frac{\text{Total Labor Force} - \text{Number of Employed People}}{\text{Total Labor Force}} \times 100 \]5. **Solve for Total Labor Force:** Let $ L $ be the total labor force. \[ 12 = \frac{L - 10,307}{L} \times 100 \] 6. **Simplify:** \[ 12 = 100 \times \left(1 - \frac{10,307}{L}\right) \]7. **Isolate $ L $:** \[ 0.12 = 1 - \frac{10,307}{L} \] \[ \frac{10,307}{L} = 0.88 \] 8. **Solve for $ L $:** \[ L = \frac{10,307}{0.88} \] \[ L \approx 11,714.77 \]9. **Round to the Nearest Whole Number:** \[ L \approx 11,715 \]Therefore, the total number of people in Nuku's labor force is **11,715**

The working class contains those took part in manual-labor occupations or industrial work, who are…

Answered: Nuku has an unemployment rate of 12%.…

Nuku has an unemployment rate of 12%. There are 10,307 people who are working or have work. How many people are in Nuku's labor force? Round to the nearest whole number.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 16RQ: Assess whether the following would be counted as unemployed in the Current Employment Statistics...

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