Canadian unemployment rate is a key indicator of the economic health and labor market conditions of the
Question:
Canadian unemployment rate is a key indicator of the economic health and labor market conditions of the country. It measures the percentage of the labor force that is actively looking for work but unable to find one. Newfoundland and Labrador had the highest unemployment rate 10.2% in January 2024. A Telfer student takes a random sample of 10 individuals from the Newfoundland and Labrador workforce. Let X be a random variable that represent the number of individuals who are unemployed. For all calculations of probability, with appropriate formula and show reasonable steps of calculations to earn full marks. (a) Identify the probability distribution and describe its parameter(s), mean and standard deviation. (b) Do the conditions of the probability model (as assumed in step (a)) satisfy? Justify. (c) What is the probability that exactly 4 individuals in the sample are unemployed? (d) What is the probability that at most 2 individuals in the sample are unemployed? (e) What is the probability that at least 1 but fewer than 4 individuals in the sample are unemployed? (f) What is the probability that more than 8 individuals in the sample are employed? (g) Use EXCEL function to calculate the probabilities of (c) - (f) and include your answers in your assignment. (EXCEL) (h) Suppose the student takes another random sample of 150 individuals from the workforce of Manitoba where unemployment rate was the lowest in Canada in January 2024 i.e., 4%. What is the approximate probability that 6 individuals in the selected sample from Manitoba are unemployed?