Assume That a Society Consists of Two Types of Workers

question 1

Essay

Assume that a society consists of two types of workers. For type A, 3 million workers lose their jobs each year, and each one takes a year to find a new one. For type B, 36 million workers lose their jobs each year (3 million per month), and each takes one month to find a new job. Thus, at any given time, 6 million are unemployed in this economy.
a. How many "spells" of unemployment occur each year in this economy?
b. What percentage of the "spells" are only one month long?
c. If you take all the workers unemployed each year and multiply each by the length of his or her unemployment "spell," how many "months" of unemployment would there be in this economy each year?
d. Of all the "months" of unemployment, how many are accounted for by the workers unemployed a year at a time?

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Definitions:

Imputation

The attribution of responsibility or blame to someone, particularly for legal or financial purposes.

Actual Authority

Legal authority granted to an agent by a principal, either explicitly or implicitly, enabling them to perform actions on behalf of the principal.

Principal's Communications

Messages or directives from the principal (in a principal-agent relationship) that guide the agent's actions on behalf of the principal.

Express Authority

The power or permission that is explicitly granted to an individual or entity by way of spoken or written words.