The city of Hope has a labor force of 1000.Twenty people lose their jobs each month and remain unemployed for exactly one month before finding jobs.On January 1,May 1,and September 1 of each year 50 people lose their jobs for a period of four months before finding new jobs.
(a)What is the unemployment rate in any given month?
(b)How many unemployment spells are there in a year?
(c)What is the average duration of an unemployment spell?
(d)On any given date,how many people are undergoing short spells,and how many are undergoing long spells?

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The Answer of The city of Hope has a labor force of 1000.Twenty people lose their jobs each month and remain unemployed for exactly one month before finding jobs.On January 1,May 1,and September 1 of each year 50 people lose their jobs for a period of four months before finding new jobs.
(a)What is the unemployment rate in any given month?
(b)How many unemployment spells are there in a year?
(c)What is the average duration of an unemployment spell?
(d)On any given date,how many people are undergoing short spells,and how many are undergoing long spells?

The City of Hope Has a Labor Force of 1000