Let's work through the solution step by step based on the given data.
### a. Calculating the number of unemployed people in each year:
#### Year 1:
1. Labor force in Year 1: 230 million
2. Unemployment rate in Year 1: 5% (or 0.05 as a decimal)
3. Number of unemployed people in Year 1: 230 million 0.05
Calculating:
[tex]\[ 230 \text{ million} \times 0.05 = 11.5 \text{ million} \][/tex]
So, the number of unemployed people in Year 1 is 11.5 million.
#### Year 2:
1. Labor force in Year 2: 240 million
2. Unemployment rate in Year 2: 4% (or 0.04 as a decimal)
3. Number of unemployed people in Year 2: 240 million 0.04
Calculating:
[tex]\[ 240 \text{ million} \times 0.04 = 9.6 \text{ million} \][/tex]
So, the number of unemployed people in Year 2 is 9.6 million.
### b. Calculating the number of employed people in each year:
The number of employed people can be found by subtracting the number of unemployed people from the labor force in each year.
#### Year 1:
1. Labor force in Year 1: 230 million
2. Number of unemployed people in Year 1: 11.5 million
3. Number of employed people in Year 1: 230 million - 11.5 million
Calculating:
[tex]\[ 230 \text{ million} - 11.5 \text{ million} = 218.5 \text{ million} \][/tex]
So, the number of employed people in Year 1 is 218.5 million.
#### Year 2:
1. Labor force in Year 2: 240 million
2. Number of unemployed people in Year 2: 9.6 million
3. Number of employed people in Year 2: 240 million - 9.6 million
Calculating:
[tex]\[ 240 \text{ million} - 9.6 \text{ million} = 230.4 \text{ million} \][/tex]
So, the number of employed people in Year 2 is 230.4 million.
Hence, the completed solution is:
b. How many people are employed in each year?
Year 1: 218.5 million
Year 2: 230.4 million
