Question: Please provide step-by-step solutions. 3. [21/2 points] Each individual is either employed or unemployed in a given period. The probability of being unemployed IF' [U]

Please provide step-by-step solutions.

3. [21/2 points] Each individual is either employed or unemployed in a given period. The probability of being unemployed IF' [U] is constant over time. The probability that an employed individual becomes unemployed in the following period lP'[U|E] is also constant over time. The probability that an unemployed individual becomes employed in the following period If\" [E |U ] is also constant over time. What is the probability of being unemployed as a function of the two transition probabilities llD [U |E] and P [E |U ]

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