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According to the information below, please answer the few questions listed here: when will the economy reach its steady state , in the fomat of

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According to the information below, please answer the few questions listed here:

  1. when will the economy reach its steady state, in the fomat of (month, year)
  2. what is the unemployment rate at steady state
  3. what is the incidence at steady state
  4. what is the average duration (in months) at steady state.

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Suppose the labour force of an economy is equal to 1,000 and the unemployment on December 2010 is 0. Then, suppose that in January 2011 and every month that follows, 58 workers become unemployed for 1 month, 54 become unemployed for 2 months, 38 become unemployed for 3 months and 9 become unemployed for 15 months

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