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During the course of ayear, the labor force consists of the same 946 people. Of these, 24 lack skills that employers desire and hence remain…

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During the course of a​year, the labor force consists of the same 946 people. Of ​these, 24 lack skills that employers desire and hence remain unemployed throughout the year. At the same​time, every month during the year, 40 different people become ​unemployed, and 40 other different people who were unemployed find jobs. There is no cyclical unemployment.

Enter all answers as a percentage rounded to two decimal places.

a)   Calculate the frictional unemployment rate:____%

b)   Calculate the unemployment rate:____

c)    Suppose that a system of unemployment compensation is established. Each month, 40 new people​(not including the 24 lacking required ​skills) continue to become​unemployed, but each monthly group of newly unemployed now takes two months to find a job. Calculate the frictional unemployment rate after this change. ____%

d)   After the change discussed in part (c), calculate the unemployment rate ____%

 
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