5. 10 points Given an economy of 500 people in the labor force,every month 5 people lose their jobs

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5. 10 points Given an economy of 500 people in the labor force,every month 5 people lose their jobs and remain unemployment forexactly one month. One month later they find jobs and becomeemployed. In addition on January 1 of each year, 20 people lose their jobsand remain unemployed for six months before finding new jobs.Finally on Jul 1 of each year, 20 people lose their jobs and remainunemployed for six months before finding new jobs. (a)        What is theunemployment rate in a typical month? (b)        What fraction ofunemployment spells last for one month? What fraction lasts for sixmonths? (c)       What is the averageduration of an unemployment spell? (d)      On any particular date, whatfraction of the unemployed are suffering a long spell (six months)of unemployment. Please answer these questions regarding . Help me understand ittoo! . . .

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