A regional city has a total population of 150,000, with 75 per cent being adults. If we assume 15 per cent of the adult population is not looking for a job, and 90 per cent of the remaining adult population is employed, please calculate:(a) the labour force participation rate;(b) the unemplyment rate.
Question
A regional city has a total population of 150,000, with 75 per cent being adults. If we assume 15 per cent of the adult population is not looking for a job, and 90 per cent of the remaining adult population is employed, please calculate:(a) the labour force participation rate;(b) the unemplyment rate.
Solution
(a) Labour Force Participation Rate:
Step 1: Calculate the number of adults in the city. 75% of 150,000 = 0.75 * 150,000 = 112,500 adults.
Step 2: Calculate the number of adults who are not looking for a job. 15% of 112,500 = 0.15 * 112,500 = 16,875 adults.
Step 3: Subtract the number of adults not looking for a job from the total number of adults to find the number of adults in the labour force. 112,500 - 16,875 = 95,625 adults in the labour force.
Step 4: Calculate the labour force participation rate by dividing the number of adults in the labour force by the total number of adults and multiplying by 100 to get a percentage. (95,625 / 112,500) * 100 = 85% labour force participation rate.
(b) Unemployment Rate:
Step 1: Calculate the number of employed adults. 90% of 95,625 = 0.90 * 95,625 = 86,062.5 adults. Since we can't have half a person, we'll round this to 86,063 adults.
Step 2: Subtract the number of employed adults from the total number of adults in the labour force to find the number of unemployed adults. 95,625 - 86,063 = 9,562 unemployed adults.
Step 3: Calculate the unemployment rate by dividing the number of unemployed adults by the total number of adults in the labour force and multiplying by 100 to get a percentage. (9,562 / 95,625) * 100 = 10% unemployment rate.
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