The table below represents the unemployment rate U(t) in percent of the US labor force from 1993 to 2002.
tU(t)tU(t)19936.919984.519946.119994.219955.620004.019965.420014.719974.920025.8
a.) State what is the meaning of U′(t) and its corresponding units.
b.) Contruct a table of values for U′(t)
a.) The meaning of U′(t) is the rate at which the percentage of the unemployed varies with
respect to time. Its unit is percentyear.
b.) Using the formula U′(t)=U(t+h)−U(t)h where h is 1.
tU′(t)1993−0.81994−0.51995−0.21996−0.51997−0.41998−0.31999−0.220000.720011.1020020U′(1993)=U(1994)−U(1993)1U′(1993)=6.1−6.91U′(1993)=−0.8percentyear
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