a. wage = -0.90 + 0.54 education b. Provide an interpretation for how wage is related to education in the following: log(wage) = -0.90 + 0.543 education c. Provide an interpretation for how labor hours is related to wage in the following: log(labor hours) = -0.90 + 0.543 log (wage)
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- Suppose you are asked to compare the variation in housing rental prices in the Eastern Caribbean measured in Eastern Caribbean dollars to housing rental prices in Jamaica measured in Jamaican dollars, explain the most appropriate statistic to use making sure to say whyThe following is a report from a BLS survey taker: “There were 90 people in the houses I visited. 20 of them were children under the age of 16, 25 people had full-time jobs, and 10 had part-time jobs. There were 10 retirees, 5 full-time homemakers, 9 full-time students over age 16, and 3 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one. Five of these people had not looked actively for work for three months, however.” Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers.Instructions: Enter your responses as whole numbers.Labor force: peopleWorking-age population: peopleNumber of employed workers: peopleNumber of unemployed workers: peopleThe following is a report from a BLS survey taker: There were 90 people in the houses I visited. 20 of them were children under the age of 16, 25 people had full-time jobs, and 10 had part-time jobs. There were 10 retirees, 5 full-time homemakers, 9 full-time students over age 16, and 3 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one. 5 of these people had not looked actively for work for three months, however. Find the labor force, the unemployment rate, and the participation rate implied by the survey taker’s report.Labor force: people Instructions: Enter your responses rounded to two decimal places. Unemployment rate: %Participation rate: %
- The following is a report from a BLS survey taker: “There were 70 people in the houses I visited. 12 of them were children under the age of 16, 25 people had full-time jobs, and 6 had part-time jobs. There were 10 retirees, 5 full-time homemakers, 5 full-time students over age 16, and 2 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one. One of these people had not looked actively for work for three months, however.” Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers.Instructions: Enter your responses as whole numbers.Labor force: peopleWorking-age population: peopleNumber of employed workers: peopleNumber of unemployed workers: people2. Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its labor force statistics. Following information is extracted from a database maintained by the country's ministry of labor Total population 24,512,311 personnel 98,539 People below 16 years of age 4, 240, 102 People in elderly care centers 1, 232, 130 People who didn't look for jobin 4 weeks 831,304 House wives whose sole activity is home - making 3, 424, 204 Volunteers 313,200 Self employed people 3,423,042 People who are jobless, actively looking for a job, and 2, 234 available for work Calculate the unemployment rate and the labor force of New Zombie Show your calculation (See next page for the formula and directions for this problem )Question 1 Let’s assume that a country in the Caribbean reports the following labour statistical data to its citizen in 2011. Labour force: 140,200 Individuals under 16 years: 12,400 Employment: 132,700 Imprisonment: 980 Working age population: 210,900 Armed forces: 18,600 Use the information given to calculate the following: (d) Not in the labour force (e) Working age population ratio
- The labor force participation rate shows the percentage of thelabor force that has a job. labor force that is unemployed. relevant population that is employed. relevant population that is in the labor force.QUESTION TWORecently, the government of the republic of Zambia conducted a 2022 Census of Population and Housing. From the summary results, Zamstats indicated that the 2022 Zambian population is 19,610,769. Assume that 35% of the population are not in the labour force. Suppose also that from those in the labour force, 40% are employed. Determine the total number of people who are;a) not in the labour force.b) in the labour force.c) employed.d) unemployed.Cumulative % of Population 0 20 40 60 80 100 Cumulative % of Income, United States, 2010 0 5 15 29 49 100 Cumulative % of Income, Argentina, 2010 0 4 13 28 50 100 Report your answers to two decimal places. According to these data, the Gini coefficient for the United States in 2010 is _______ The Gini coefficient for Argentina in 2010 is ______ These data indicate that in 2010, income is (blank) in the United States compared to Argentina.
- 1. Let’s assume that a country in the Caribbean reports the following labour statistical data to its citizen in 2011. Labour force: 140,200 Individuals under 16 years: 12,400 Employment: 132,700 Imprisonment: 980 Working age population: 210,900 Armed forces: 18,600 Use the information given to calculate the following: a. Working age population ratio1) whats is the economic meaning of the coefficient? 2) describe the meaning of R2 and its value, F - value 3) what do you think about the model as a whole, with F , R2 values … is it significant or not … explain your answer.Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its labor force statistics. Following information is extracted from a database maintained by the country's ministry of labor: Total population 24,512,311 Military personnel 98,539 People below 16 years of age 4,240,102 People in elderly care centers 1,232,130 People who didn't look for job in last 4 weeks 831,304 House wives whose sole activity is home-making 3,424,204 Volunteers 313,200 Self-employed people 3,423,042 People who are jobless, actively looking for a job, and available for work 2,234,100 Calculate the unemployment rate and the labor force of New Zombie. Show your calculation. (See next page for the formula and directions for this problem). Page Break To calculate the unemployment rate you have to use the formula: Unemployment rate = # of unemployed ÷ labor force × 100% The BLS is the…