Chapter 13, Problem 23RE

Unemployment According to the U.S. Bureau of Labor Statistics, $6.2\%$ of the U.S. labor force was unemployed in 2013.

a. What is the probability that a randomly selected member of the U.S. labor force was unemployed in 2013?

b. What is the probability that a randomly selected member of the U.S. labor force was not unemployed in 2013?

To determine

To find:

a. What is the probability that a randomly selected member of the U.S. labor force was unemployed in 2013?

Answer to Problem 23RE

a. $0.062$

Explanation of Solution

Given:

According to the U.S. Bureau of Labor Statistics, $6.2\%$ of the U.S. labor force was unemployed in 2013.

Formula used:

$P\left(A\right) = 1 - P\left(A\right)$

Calculation:

According to the U.S. Bureau of Labor Statistics, $6.2\%$ of the U.S. labor force was unemployed in 2013.

a. The probability that a randomly selected member of the U.S. labor force was unemployed in 2013.

$P\left(Unemployed\right) = 6.2\% = \frac{6.2}{100} = 0.062$

To determine

To find:

b. What is the probability that a randomly selected member of the U.S. labor force was not unemployed in 2013?

Answer to Problem 23RE

b. $0.938$

Explanation of Solution

Given:

According to the U.S. Bureau of Labor Statistics, $6.2\%$ of the U.S. labor force was unemployed in 2013.

Formula used:

$P\left(A\right) = 1 - P\left(A\right)$

Calculation:

According to the U.S. Bureau of Labor Statistics, $6.2\%$ of the U.S. labor force was unemployed in 2013.

b. he probability that a randomly selected member of the U.S. labor force was not unemployed in 2013.

$P\left(not unemployed\right) = 1 - P\left(unemployed\right)$

$P\left(not unemployed\right) = 1 - 0.062 = 0.938$