Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. The U.S. Bureau of Labor Statistics (BLS) conducts bi-monthly household surveys to measure labor force status in the United States. The survey provides a

image text in transcribed
4. The U.S. Bureau of Labor Statistics (BLS) conducts bi-monthly household surveys to measure labor force status in the United States. The survey provides a measure of employed people, such as nonfarm employment, hours, and earnings by industry. Data collected from this survey will be used to report and estimate employment levels and trends in the US. (1) The table as following provides us the employment situations in April 2020 (04/2020) and November 2021 (11/2021) in the US. With the information given about adult population (Adult 16+), labor force (L), employed (E), calculate the values of unemployed (U), unemployment rate (UR) and labor force participation rate (LFPR) in the two periods. Also, use the data of 11/2021 to show step-by-step solutions for U, UR, LFPR in that month. Variable 11/2021 Definition 04/2020 (number, thousand) (number, thousand) Adult 16+ Population 16 above (number) 259,896 261,085 L Labor force (number) 156,481 160,536 Employed (number) 133,403 149,809 U Unemployed (number) UR Unemployment rate % LFPR Labor Force Participation Rate % 2) Suppose you find the demand (Qa, as thousands) and supply (Qs, as thousands) for long-haul truck drivers in one market can be specified as functions of the yearly wage paid (W, as thousand $) as following. . Demand for truck drivers: Qd = 150 - 1.5 * W, Supply of truck drivers: Qs = 36 + 0.25 * W, Then, how much will be the market equilibrium level of wage for truck drivers (as thousands) and the number of jobs in this market

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Changing Resource Problems Of The World

Authors: Ronald G Ridker

1st Edition

131735494X, 9781317354949

More Books

Students also viewed these Economics questions

Question

The personal characteristics of the sender

Answered: 1 week ago

Question

The quality of the argumentation

Answered: 1 week ago