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---> Math question. 10pts. for best answer?
A panel of 54 economists was asked to predict the average unemployment rate for the upcoming year. The results of the survey are as follows. Based on this survey, what does the panel expect the average unemployment rate to be next year? (Round your answer to two decimal places.)
Unemployment Rate, % 10.8 11.1 11.4 11.7 12.0 12.3 12.6
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Economists 2 4 20 2 6 14 6
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if you could show me how to do this in the calculator I would GREATLY appreciate it...10pts for answering the question regaurdless
1 Answer
- M3Lv 71 decade agoFavorite Answer
you have to find the weighted average by
summing up (# of economists x predicted rate%) / total # of economists
= (2*10.8 + 4*11.1 + 20*11.4 + 2*11.7 + 6*12.0 + 14*12.3 + 6*12.6) / 54
= 11.8%
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