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Explain Why Confidence Intervals Work.
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- Suppose a country has 100 million inhabitants. The population can be divided into the employed, the unemployed, and the persons who are out of the labor force (OLF). In any given year, the transition probabilities among the various categories are given by Moving into: Employed Unemployed OLF Moving from: Employed Unemployed OLF 0.94 0.20 0.05 0.02 0.65 0.03 0.04 0.15 0.92 These transition probabilities are interpreted as follows. In any given year, 2 percent of the workers who are employed become unemployed; 20 percent of the workers who are unemployed find jobs, and so on. What will be the steady-state unemployment rate?Get the following: a. Minimax regret b. Hurwicz (a = 0.4) c. Equal likelihoodAn economy that uses commodity money there is no need for double confidence of wants True or false
- Q24 and q25use xx=82 and x=2The population of a country can be divided into the employed, the unemployed, and the persons who are out of the labor force (OLF). In any given month, the transition probabilities among the various categories are given by the following table. Moving into Employed Unemployed OLF 0.97 Moving from: Employed 0.02 0.01 Unemployed 0.35 OLF 0.60 0.05 0.02 0.04 0.94 The transition probabilities are interpreted as follows. In any given month, 2% of the employed become unemployed, 35% of the unemployed find jobs, and so on. (a) What is the steady state employment rate? (b) What is the steady state unemployment rate? (c) What is the steady state labor force participation rate?