in the country of economica, the total labor force consists of 5,000 workers. 300 of these workers are…

in the country of economica, the total labor force consists of 5,000 workers. 300 of these workers are unemployed, and thus the current unemployment rate is 6.0%. this year, 100 workers will lose their jobs, 85 workers will return to the labor force after an absence, 50 workers will voluntarily leave their jobs, and 250 new workers will enter the labor force. at the same time, 363 workers will find jobs, and 150 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.)

in the country of economica, the total labor force consists of 5,000 workers. 300 of these workers are unemployed, and thus the current unemployment rate is 6.0%. this year, 100 workers will lose their jobs, 85 workers will return to the labor force after an absence, 50 workers will voluntarily leave their jobs, and 250 new workers will enter the labor force. at the same time, 363 workers will find jobs, and 150 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.)

Answer

Explanation:

Step1: Calculate the change in the labor - force

The initial labor - force is $L_0 = 5000$ workers. The number of workers who lose their jobs is $n_1=100$, the number of workers who return to the labor - force is $n_2 = 85$, the number of workers who voluntarily leave their jobs is $n_3 = 50$, the number of new workers entering the labor - force is $n_4=250$, and the number of workers who retire or leave for other reasons is $n_5 = 150$. The change in the labor - force $\Delta L=n_2 + n_4-(n_3 + n_5)$ $\Delta L=85 + 250-(50 + 150)=85$ The final labor - force $L = L_0+\Delta L=5000 + 85=5085$

Step2: Calculate the change in the number of unemployed workers

The initial number of unemployed workers is $U_0 = 300$. The number of workers who lose their jobs is $n_1 = 100$, and the number of workers who find jobs is $n_6=363$. The change in the number of unemployed workers $\Delta U=n_1 - n_6$ $\Delta U=100 - 363=- 263$ The final number of unemployed workers $U=U_0+\Delta U=300-263 = 37$

Step3: Calculate the unemployment rate

The unemployment rate $r=\frac{U}{L}\times100%$ $r=\frac{37}{5085}\times100%\approx0.7%$

Answer:

5085; 0.7