Question

"Suppose an economy has 13.5 million unemployed workers, _____ million employed workers, and 73.1 million adults who do not participate in the labor force. The labor force participation rate for this economy is 68.26 percent."

Answer 1

The economy has 143.70 million employed workers

Step-by-step explanation:

The 73.1 million that do not participate in the labor force represents 31.74% of the entire workforce(total workforce of 100% less participatory workforce i.e 100%-68.26%)

31.74%=73.1 million

100%=73.1 million/31.74%

100%=230.31 million

Invariably, the entire able-bodies in the economy is 230.31 million

Employed workers=able-bodies less unemployed workers less non-participatory workers

employed workers=230.31-13.5-73.1

employed workers=143.70 million

Answer 2

143.7 million

Step-by-step explanation:

Given that

Unemployed = 13.5 million

Adults not participating = 73.1 million

Labour force participation rate = 68.26 = 0.6826

Employed = x

Recall that

Labour force participation rate = (employed + unemployed)/total adult population

0.6826 = (13.5 + x) / (13.5 + x + 73.1)

0.6826 = 13.5 + x / 86.6 + x

13.5 + x = 59.11316 + 0.6826x

13.5 - 59.11316 = 0.6826x - x

-45.61316 = -0.3174x

X = 45.61316 ÷ 0.3174

= 143.708

= 143.71 million

Employed people therefore = 143.71 million