1. 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 last?

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 unemploy -
ment is 1/f.)

c. What is the natural rate of unemployment for the population you represent?