Answer :
The expected value and the standard error for a labor participation rate in the company's sample is 0.0043
In the given question, the labor force participation rate is the number of people in the labor force divided by the number of people in the country who are of working age and not institutionalized.
The BLS reported in February 2012 that the labor force participation rate in the united states was 66.9% (calculate risk).
A marketing company asks 120 working-age people if they either have a job or are looking for a job, or the labor force.
We have to find the expected value and the standard error for a labor participation rate in the company's sample.
Working age people sample n = 120
The labor force participation rate in the United States was 66.9% = 0.669
The Expected value is μ = p = 0.669
The standard error:
SE = √p(1-p)/n
SE = √0.669(1-0.669)/120
SE = √0.669*0.331/120
SE = √0.2214/120
SE = √0.001845
SE = 0.043
Hence, the expected value and the standard error for a labor participation rate in the company's sample is 0.0043.
To learn more about standard error link is here
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