To solve this problem, we need to find the conditional probability that a person has a bachelor's degree or higher, given that they are unemployed.

The formula for conditional probability is:

$P(A|B) = \frac{P(A \cap B)}{P(B)}$

Where:

• $P(A|B)$ is the probability of event A happening given that event B has occurred.
• $P(A \cap B)$ is the probability that both A and B happen (the intersection of A and B).
• $P(B)$ is the probability of event B happening.

Step 1: Define the events

• Event $A$: The person has a bachelor's degree or higher.
• Event $B$: The person is unemployed.

We are given that:

• The total number of unemployed people is $6.8$ million.
• The number of unemployed people with a bachelor's degree or higher is $1.6$ million.

Step 2: Calculate the conditional probability

Using the conditional probability formula:

$P(\text{Bachelor's degree or higher} | \text{Unemployed}) = \frac{1.6}{6.8}$

$P(\text{Bachelor's degree or higher} | \text{Unemployed}) = 0.2353$

Step 3: Round the answer

Rounding the result to two decimal places:

$P(\text{Bachelor's degree or higher} | \text{Unemployed}) = 0.24$

Thus, the probability that a person has a bachelor's degree or higher, given that they are unemployed, is 0.24.

Would you like any further details or clarification?

Here are 5 related questions:

1. What is the probability that a person with a high school diploma only is unemployed?
2. How do you find the probability of being employed given a specific educational level?
3. What is the probability that a randomly selected person is not in the labor force?
4. How do you calculate the overall unemployment rate from this data?
5. How can you use this data to estimate the employment rate by education level?

Tip: Conditional probability helps in analyzing real-life data by focusing on the occurrence of one event based on the knowledge of another.