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    Probability of Finding a New Job in California

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    If I live in the state of California, with a labor force of 17,823,401, and the unemployment rate for 2005 is 5.1% (910,963); what is the probability that I will find a job in 6 months after being laid off?

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    Here is the solution.

    Probability = Favourable outcomes / number of possible ...

    Solution Summary

    The solution provides a brief calculation to find the probability of becoming employed again after being laid off are shown.