question archive In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year
In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year
Subject:EconomicsPrice:2.87 Bought7
In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year. What percentage of the unemployment spells you encountered was short-term, and what percentage of the unemployment you encountered in a given week was long-term?
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Answer:
52 people out of 60 =86.7% create short term unemployment.
Total unemployment in weeks = 52 + 8*52=468
52*8=416 is long term 416/468=88.9%
