Can anyone tell me how to solve this The correct answers are

Can anyone tell me how to solve this? The correct answers are in the problem but I have no idea how to do the formulas to solve it. Please help.

In the economy of Macroland 62.7 percent of the population is? employed, while the unemployment rate is 8.0 percent. Calculate the Labor Force Participation Rate

Here\'s the full question.

In the economy of Macroland 62.7 percent of the population is employed, while the unemployment rate is 8.0 percent. Calculate the labor force participation rate E the number of employed individuals, and u the unemployment rate. Start with Let P denote the size of the population, L the Labor Force, the expression for the unemployment rate number of unemployed Substitute L E for number of unemployed L- E and then simplify Solve for the empmlyment to labor force ratio, a.k. a the employment rate -1-uUsing the unemployment rate given, we find the employment rate 1-u 0.92. Using the unemployment rate given, we find the employment rate We\'re given the percent of the population employed, a.k.a. the Employment-Population ratio - 62.7 Let\'s now use what we know to solve for the labor force participation Rate (UP) x100(0 627)(0.92)x100 682 percent

Solution

ANSWER:

Labour force participation rate = (labor force / population ) * 100

unemployment rate = (no of unemployed persons / labor force)

no of employed people = 62.7% of the total polulation

labor force = no of employed + no of unemployed

let tthe total population be 1000.

let the total no of unemploed persons be x.

unemployment rate = 8%

therefore 8% = no of unemployed persons / labor force

8% = no of unemployed persons / ( no of unemployed persons + no of employed persons)

no of employed persons = 62.7% of total population = 62.7% * 1000 = 627

8% = x / ( 627 + x)

8% * ( 627 + x) = x

50.16 + 0.08 x = x

x - 0.08 x = 50.16

0.92x = 50.16

x = 50.16 / 0.92

x = 54.52

so the no of unemployed persons is 54.52.

labor force = no of unemployed persons + no of employed persons = 54.52 + 627 = 681.52

now the labor force participation rate = (labor force / population ) * 100

lfpr = (681.52 / 1000) * 100 = 0.68152 * 100 = 68.15%

hence the labor force participation rate is 68.15%