Suppose employment is 45 million and unemployment is 2 million. Also, each month an average of 0.6 million unemployed find jobs, 0.5 million employed become unemployed, 0.2 million unemployed quit looking for jobs, and 0.3 million new graduates start looking for jobs. What is the average duration of unemployment each month?
Suppose employment is 45 million and unemployment is 2 million. Also, each month an average of 0.6 million unemployed find jobs, 0.5 million employed become unemployed, 0.2 million unemployed quit looking for jobs, and 0.3 million new graduates start looking for jobs. What is the average duration of unemployment each month?
Chapter1: Making Economics Decisions
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Suppose employment is 45 million and
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