The following charts show the labor force participation rates and unemployment rates for 25-34 year olds...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following charts show the labor force participation rates and unemployment rates for 25-34 year olds and 55-64 year olds between the first quarter of 2008 and the third quarter of 2009: LFPR_25-34 (in %) LFPR_55-64 (in %) 83.6 66.0 83.4 65.5 83.2 65.0 83.0 64.5 82.8 64.0 82.6 82.4 63,5 82.2 63.0 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 u_25-34 (in %) u_55-64 (in %) 12.0 8.0 7.0 10.0 6.0 8.0 5.0 6.0 4.0 3.0 4.0 2.0 2.0 1.0 0.0 0.0 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 The trends in 3 out of 4 graphs are clear. The labor force participation rate of 55-64 year olds is less clear, so we will make the following assumption: Ignoring the ups and downs the labor force participation rate of 55-64 year olds was roughly constant. Use the following notation for this questions: U is the number of unemployed, N the number of employed, POP the population (in each age bracket), u is the unemployment rate and LFPR is the labor force participation rate. Assume that the population in each age bracket is constant over this time frame. For each of the following events assume that x individuals take the action given and that nothing else happens in the labor market. Show in each case what happens to the unemployment rate and the labor force participation rate by using the equations for both measures. Clearly mark if the variable increases (1), decreases (4) or stays constant (+). a. Individuals from the 25-34 age group, who were previously unemployed, decide to go back to school (college or grad school) as full-time students. b. Individuals from the 25-34 age group, who were previously employed, decide to go back to school (college or grad school) as full-time students. с. Individuals from the 25-34 age group, who were previously employed, lose their jobs and start looking for new ones. d. Individuals from the 55-64 age group, who were previously employed, decide to retire. е. Individuals from the 55-64 age group, who were previously unemployed, decide to retire early. f. Individuals from the 55-64 age group return to the labor market from early retirement, start looking for a job but haven't found one yet. The following charts show the labor force participation rates and unemployment rates for 25-34 year olds and 55-64 year olds between the first quarter of 2008 and the third quarter of 2009: LFPR_25-34 (in %) LFPR_55-64 (in %) 83.6 66.0 83.4 65.5 83.2 65.0 83.0 64.5 82.8 64.0 82.6 82.4 63,5 82.2 63.0 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 u_25-34 (in %) u_55-64 (in %) 12.0 8.0 7.0 10.0 6.0 8.0 5.0 6.0 4.0 3.0 4.0 2.0 2.0 1.0 0.0 0.0 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 The trends in 3 out of 4 graphs are clear. The labor force participation rate of 55-64 year olds is less clear, so we will make the following assumption: Ignoring the ups and downs the labor force participation rate of 55-64 year olds was roughly constant. Use the following notation for this questions: U is the number of unemployed, N the number of employed, POP the population (in each age bracket), u is the unemployment rate and LFPR is the labor force participation rate. Assume that the population in each age bracket is constant over this time frame. For each of the following events assume that x individuals take the action given and that nothing else happens in the labor market. Show in each case what happens to the unemployment rate and the labor force participation rate by using the equations for both measures. Clearly mark if the variable increases (1), decreases (4) or stays constant (+). a. Individuals from the 25-34 age group, who were previously unemployed, decide to go back to school (college or grad school) as full-time students. b. Individuals from the 25-34 age group, who were previously employed, decide to go back to school (college or grad school) as full-time students. с. Individuals from the 25-34 age group, who were previously employed, lose their jobs and start looking for new ones. d. Individuals from the 55-64 age group, who were previously employed, decide to retire. е. Individuals from the 55-64 age group, who were previously unemployed, decide to retire early. f. Individuals from the 55-64 age group return to the labor market from early retirement, start looking for a job but haven't found one yet.
Expert Answer:
Answer rating: 100% (QA)
LFPR is the portion of the working population in the age group 1664 who are currently employed or lo... View the full answer
Related Book For
The Essentials of Statistics A Tool for Social Research
ISBN: 978-1111829568
3rd edition
Authors: Joseph F. Healey
Posted Date:
Students also viewed these economics questions
-
Labor force participation rates (percent employed), percent high school graduates, and mean income for males and females in 10 states are reported here. Calculate a mean and a standard deviation for...
-
The following table lists labor force participation rates (as percentages) of mothers categorized according to the age of their youngest child (based on data from the Bureau of Labor Statistics)....
-
Women's labor force participation rates in economically advanced countries vary considerably. What economic and non-economic factors might help to explain this disparity?
-
Match each of the key terms with the definition that best fits it. ________ The process of ensuring that only authorized changes are made to a system. Here are the key terms from the chapter. The...
-
Define what is meant by the term core competency. How does it differ from a skill?
-
Bryant Corporation was incorporated on December 1, 2006 and began operations one week later. Before closing the books for the fiscal year ended November 30, 2007, Bryant's controller prepared the...
-
Northern Group, Inc., is a Wisconsin corporation that contracts with manufacturers and suppliers to develop marketing strategies and promotions to third-party retailers. In exchange for these...
-
Listed below are five procedures followed by Parson Company. 1. Several individuals operate the cash register using the same register drawer. 2. A monthly bank reconciliation is prepared by someone...
-
For October, the coat department did $26,800 in sales and took 30% markdowns. What are the markdown dollars for the coat department in October?
-
Wellson Corporation has current assets, including cash, accounts receivable, and inventory, and current liabilities, including accounts payable and short-term notes payable. Wellson manages its...
-
Treasury bond pays a coupon of 12% per year (semiannually). The maturity is 2 years, face value is 100. The yield maturity is 18%. Question 1. What is the price of a bond? what is the duration of the...
-
In what respects is native freehold land in Cook Islands more limited than common law freehold in fee simple?
-
Find the Big-Oh estimation of the following a. f(n)=(n-2)4+ n(n+3), f(n) = O(................) b. g(n)= n(n+1)(2n+3)/2, g(n) =O.............. c. k(n)= nlog( n +2n) + n(n+1), k(n)=O(.....................
-
What approaches can leaders take to navigate through ambiguity and uncertainty, fostering agility and resilience within their teams to thrive in dynamic and unpredictable business environments?
-
Consider the following model with two assets and three states, and suppose that r = 0%. n 1 2 Sn (0) 3 9 Sn(1,w) Sn(1, W2) Sn(1, W3) 4 2 11 5 3 8 Show that there exists a portfolio H which is a...
-
Your client, Dean, is very excited to be buying his first home. As he prepares for his escrow closing, he asks you what the last step is before the process is complete?
-
2.37 The output of an instrument is often a waveform. With the goal of developing a numerical measure of closeness, scientists asked 11 experts to look at two waveforms on the same graph and give a...
-
What are the key dimensions of critical thinking 2. Watch the NBC Learn video on Diet Scams. What types of claims are made in this video Are they valid Elaborate on your responses. Discuss this video...
-
A researcher has compiled a file of information on a random sample of 317 families that have chronic, long-term patterns of child abuse. Reported here are some of the characteristics of the sample,...
-
One of your goals as the new chief administrator of a large social service bureau is to equalize workloads within the various divisions of the agency. You have gathered data on caseloads per worker...
-
A senior class has been given a comprehensive examination to assess educational experience. The mean on the test was 74 and the standard deviation was 10. What percentage of the students had scores...
-
Demonstrate that both the Berry phase \(\gamma_{n}\) and the Berry curvature \(\boldsymbol{\Omega}_{n}(\boldsymbol{R})\) are invariant under a local gauge transformation.
-
Show that under a local gauge transformation (14.5) the vector potential A and the form of the wavefunction (28.7) are changed, but no observable is affected. Data from Eq. 28.7 Data from Eq. 14.5...
-
Evaluate the formula for the Gauss-Bonnet theorem in Box 28.3 for a 2-sphere and show that this leads to the usual relation for the area of a sphere. The local curvature for a 2-surface is the...
Study smarter with the SolutionInn App