calculate 6. 10.0 points Since the fall of 2008, millions of Americans have lost

Question

calculate

6. 10.0 points Since the fall of 2008, millions of Americans have lost job:s due to the economic meltdown. A recent study shows that unemployment has not impacted white-collar and blue-collar workers equally (Newsweek, April 20, 2009). According to the Bureau of Labor Statistics report, while the national unemployment rate is 8.5%, it is only 4.3% for those with a college degree. It is fair to assume that 27% of people in the labor force are college educated. You have just heard that another worker in a large firm has been laid off. What is the probability that the worker is college educated? (Do not round intermediate calculations. Round your answer to 3 decimal places.) Probability References eBook & Resources Worksheet Learning Objective: 04-03 Calculate and interpret the probability of the complement of an event and the probability that at least one of two events will occur Difficulty: 3 Hard Learning Objective: 04-04 Calculate and interpret a conditional probability and apply the multiplication rule

Explanation / Answer

Let

C = has college degree
U = unemployed

Hence, as

P(U) = 0.085

P(U|C) = 0.043

P(C) = 0.27

Then

P(C|U) = P(C) P(U|C) / P(U)

= 0.27*0.043/0.085 = 0.136588235 = 0.137 [ANSWER]

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