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Suppose you applied for an analytical position. An interviewer gives you the following data: o population increases by 1%, o labor force increases by 3%,
Suppose you applied for an analytical position. An interviewer gives you the following data: o population increases by 1%, o labor force increases by 3%, o number of unemployed persons increases by 2% and asks you to compute the percentage changes in the unemployment rate. 1. Recall that we talked about two ways to solve such problems: a) a brute-force approach (using a calculator) and b) an elegant approach (take logs and differentiate). Please provide both solutions and explain your logic. 2. If the unemployment rate was 10% initially, what level did it reach after the described change took place
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