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Suppose the labour force of an economy is equal to 1,000 and the unemployment on...

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Finance

Suppose the labour force of an economy is equal to 1,000 and the unemployment on December 2010 is 0. Then, suppose that in January 2011 and every month that follows, 79 workers become unemployed for 1 month, 42 become unemployed for 2 months, 27 become unemployed for 3 months and 12 become unemployed for 15 months.

1. At the steady state, what is the unemployment rate? Answer in percentage rounded to the nearest first decimal.

2. What is the average duration in months at the steady state? Round to the nearest first decimal.

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