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The following table gives the joint probability distribution between employment status and college graduation among those either employed or looking for work (unemployed) in the working age U.S. population for 2008.
Joint Distribution of Employment Status and College Graduation in the U.S. Population Aged 25 and Greater, 2008Unemployed (Y=0) Employed (Y=1) TotalNon-college grads (X=0) 0.037 0.622 0.659College grads (X=1) 0.009 0.332 0.341Total 0.046 0.954 1
a. Compute E(Y)b. The unemployment rate is the fraction of the labor force that is employed. Show that the unemployment rate is given by 1-E(Y)c. Calculate E(Y|X=1) and E(Y|X=0)d. Calculate the unemployment rate for (i) college graduates and (ii) non-college graduates.e. A randomly selected member of this population reports being unemployed. What is the probability that this worker is a college graduate?f. Are educational achievement and employment status independent? Explain.
Danson Iron Works, Inc. manufactures angular contact ball bearings for pumps that operate in harsh environments. If the company invested $2.4 million in a process that resulted in profits of $760,000 per year for 5 years
There are two workers in the economy, "A" and "B"; "A" can go to school and "B" cannot. Education increases future income according to the following function: I(e)= 50(e)/(1+e) Total cost per year of schooling equals 2, and thus: mc(e)=2.
The income statement of Rolls Royce Group Plc., a U.K. automotive manufacturer, for the year ended December 31, 2007, reported revenues of £7,435 and cost of sales of £6,003. In addition, it reported other operating expenses of £918, a loss of £2 ..
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1. if a random variable x is distributed chi square with n degrees of freedom then the expected value of x is n. show
1.post-war recessions in the ukusing the data given in the file1.a identify the periods of recession in the united
Consider an economy where, consumer's utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p) (a) What happens to t as real w..
Write an equation that summarizes the cost function for her operation, as well as equations that summarize the marginal, average variable, average fixed, and average total costs of selling fresh drinking water at the kiosk.
A manufacturer of off-road vehicles is considering the purchase of dual -axis inclinometers for instalation in a new line of tractors. The distributor of the inclinometers is temporarily overstocked and is offering them at a 40% discount from the ..
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According to the Cahner's In-Stat Group, the number of worldwide wireless phone subscribers will soon reach the 1 billion mark. In the United States alone, the number of wireless subscribers is projected to grow by almost 17 million subscribers pe..
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