Question

Answer the following questions about your own experience in the labor force.

a. When you or one of your friends is looking for a part-time job, how many weeks does it typically take? After you find a job, how many weeks does it typically take?
b. From your estimates, calculate (in a rate per week) your rate of job finding, f, and your rate of job separation, s. (Hint: If f is the rate of job finding, then the average spell of unemployment is 1/f.)
c. What is the natural rate of unemployment for the population you represent?

Answer 1

Following are the solution to this question:

Step-by-step explanation:

In point a:

This takes me six weeks for both the took ideas that I was searching for but it continued for 3 years (12 weeks) as it's an intern.

In point b:

Finding job:

`\to f = (1)/(6) = 0.166` jobs weekly

Separation of jobs:

`\to ( 1)/(12)=0.083` employment per week.

In point c:

Its natural rate of unemployment is:
`(U)/(L) = s+(s * f)`.

The normal level of employment for that community I represent, once we add up from that preceding section, is as follows:

`\to (U)/(L) = 0.083+ (0.083* 0.166) = 0.096`

If on average, it requires six weeks to find another job or the work lasted 12 weeks, the group's unemployment level is
`0.096 \ \%`.