Estimate the size of the civilian labor force

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Reference no: EM131781646

Question: U.S. civilian labor force with U.S. Bureau of Labor Statistics data since 1950 and projected to 2040, the total civilian labor force age 16 years and older (in millions) can be modeled by

L = 197/(1 + 3.65e^-0.037t)

where t is the number of years after 1940.

(a) Use the model to estimate the size of the civilian labor force in 2015.

(b) Use the model to estimate the year when the civilian labor force is predicted to reach 170 million.

Reference no: EM131781646

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