The formula representing the relationship between the unemployment rate, the separation rate and average duration of unemployment is given by:
Assume that the job separation rate is 1 percent and the average duration of unemployment is 12 weeks. Calculate the unemployment rate. Now assume that the average duration has decreased to 10 weeks. Calculate the new unemployment rate. Explain how this relationship can be used to consider how employment insurance affects the unemployment rate.
Definitions:
Marginal Utility
The change in total utility a consumer experiences from consuming one additional unit of a good or service.
Total Utility
The complete pleasure derived from the consumption of a specific amount of products or services.
Consumption
The utilization of products and services by families.
Marginal Utility
The change in total utility a person receives from consuming one additional unit of a good or service.
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