Compute unemployment rate and labor force participation rate.
In C-land there are 200 white males over the age of 16 and 100 black males over the age of 16. 120 of the white males and 50 of the black males have jobs. Another 10 white men and another 20 black men are looking for work.
a. What is the total (Blacks + Whites) unemployment rate in C-land?
b. What is the new black labor force participation rate in C-land?
c. Illustrate what is the new total unemployment rate in C-land?