Recall the labor market model studied in class given by, Et + Ut = L Ut+1 Ut = s x Et f Ut where Et is the number of employed, Ut is the number of unemployed, s is the job separation rate, f is the job finding rate, and L is the size of the labor force. (A) [5 pts) In terms of the model parameters and variables, provide an expression for total job destruction and job creation in period t. (B) (5 pts] Derive an expression for the steady state unemployment rate (C) (10 pts] The spread of information technology in recent decades has made it easier for employers to find new workers and easier for workers to find employment opportunities. However, the long- run unemployment rate barely changed in response to the spread of such technologies. Using the model above, provide an economic explanation for what might have happened. (Hint: consider the effect of information technology on the quality of job matches) Recall the labor market model studied in class given by, Et + Ut = L Ut+1 Ut = s x Et f Ut where Et is the number of employed, Ut is the number of unemployed, s is the job separation rate, f is the job finding rate, and L is the size of the labor force. (A) [5 pts) In terms of the model parameters and variables, provide an expression for total job destruction and job creation in period t. (B) (5 pts] Derive an expression for the steady state unemployment rate (C) (10 pts] The spread of information technology in recent decades has made it easier for employers to find new workers and easier for workers to find employment opportunities. However, the long- run unemployment rate barely changed in response to the spread of such technologies. Using the model above, provide an economic explanation for what might have happened. (Hint: consider the effect of information technology on the quality of job matches)