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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
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, 77 workers become unemployed for 1 month, 34 become unemployed for 2 months, 15 become unemployed for 3 months and 9 become unemployed for 12 months.
When will the economy reach its steady state?
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