Question: 8. Use the data in example 8.11 to find the unemployment rate after two periods. [Hint: The unemployment rate is the number of people unemployed

8. Use the data in example 8.11 to find the unemployment rate after two periods. [Hint: The unemployment rate is the number of people unemployed as a proportion of all labor market participants.] Can the situation described by these transition probabilities evolve in the same way indefinitely?

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