MATH SOLVE

2 months ago

Q:
# A panel of 68 economists was asked to predict the average unemployment rate for the upcoming year. The results of the survey follow: Unemployment Rate, % 10.210.410.610.811.011.211.4 Economists2472414125 On the basis of this survey, what does the panel expect the average unemployment rate to be next year? (Round your answer to two decimal places.) ______________%

Accepted Solution

A:

Answer:10.89%Step-by-step explanation:Data provided in the question:Number of economist in the panel = 68Unemployment Rate, % : 10.2 10.4 10.6 10.8 11.0 11.2 11.4Economists : 2 4 7 24 14 12 5Now,The average unemployment rate to be next year will be calculated using weighted average as:= [tex]\frac{\sum{\textup{(Number of economist}\times\textup{Unemployment Rate)}}}{\textup{Total number of economist}}[/tex]or= [tex]\frac{(2\times10.2)+(4\times10.4)+(7\times10.6)+(24\times10.8)+(14\times11.0)+(12\times11.2)+(5\times11.4)}{68}[/tex]or= [tex]\frac{20.4+41.6+74.2+259.2+154+134.4+57}{68}[/tex]or= [tex]\frac{740.8}{68}[/tex]or= 10.89%Hence,The expected average unemployment rate to be next year by the panel will be 10.89%