The town of Village-ton has 500 residents, of which 300 are employed, 30 are not working but actively seeking work, 80 are children in school, 40 are retirees, 30 are full-time college students, and 20 are institutionalized. 

a. Calculate the unemployment rate in Villageton. 

b. Suppose that 10 of the 30 College students graduate and enter the labor force actively seeking work, but only 5 find a job. How does this change the unemployment rate in Village-ton?

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a To calculate the unemployment rate in Villageton we need to determine the number of unemployed ind... View the full answer