ProblemSet9-AK - Economics 3203 Fall 2010 Problem Set 9...

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Economics 3203 Fall 2010 Problem Set # 9: Gender & Race; Unions; Unemployment ANSWER KEY 1. The original unemployment rate is 20%, and the new rate is 24% Calculation # 1: # unemployed = 4,000 (because they’re in the labor force but not employed) # in labor force = 20,000 divide these to get 20% unemployment Calculation # 2: # unemployed = 6,000 # in labor force = 25,000 divide these to get 24% unemployment A lot of the unemployment is due to a flow of people in and out only ½ of those originally unemployed in Scandahoovia are still unemployed (2000 out of 4000) and many of those counted in the new unemployment rate were working in the previous period. 2. a. Minority males currently are closest to the goal proportion (see chart below). White males White females Minority males Minority females Current % 75 10 10 5 Goal % 35 35 15 15 b. the expected racial and gender breakdown of the new hires We expect the firm to hire people in their proportions in the UF graduating population, so they will hire about 40 white men, 35 white women, 13 minority men, and 12 minority women. This relies on
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