The following table gives the joint probability distribution between employment status and college graduation among those either employed o looking for work (unemployed) in the working age U.S. population. Non-college grads (X=0) College grads (X=1) Total Unemployed (Y=0) 0.0554 0.0135 0.0689 Employed (Y=1) 0.6227 0.3084 0.931 Total 0.6781 0.3219 0.9999 The expected value of Y, denoted E(Y), is 0.931. (Round your response to three decimal places.) The unemployment rate is the fraction of the labor force that is unemployed. Show that the unemployment rate is given by 1-E(Y). Unemployment rate=1-1-E(Y)=1-0.931 = 0.0689.

The following table gives the joint probability distribution between employment status and college graduation among those either employed o looking for work (unemployed) in the working age U.S. population. Non-college grads (X=0) College grads (X=1) Total Unemployed (Y=0) 0.0554 0.0135 0.0689 Employed (Y=1) 0.6227 0.3084 0.931 Total 0.6781 0.3219 0.9999 The expected value of Y, denoted E(Y), is 0.931. (Round your response to three decimal places.) The unemployment rate is the fraction of the labor force that is unemployed. Show that the unemployment rate is given by 1-E(Y). Unemployment rate=1-1-E(Y)=1-0.931 = 0.0689.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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