Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consider the economies consisting three industries. Determine the output levels required of each industry in each situation to meet the demands of the other industries
Consider the economies consisting three industries. Determine the output levels required of each industry in each situation to meet the demands of the other industries and of the open sector. (Let X , X,, X,, and X, represent the output levels for each demand matrix D from left to right respectively.) 0.20 0.20 72 A = 0.40 0.40 0.60 , D = 36 0.40 0.10 0.40 , and 54 . 21 86 X 1 61 2 X 14 61 50 X 14 28 B X3 28 8 X 10 8 54 X4 27 XThe conclusion of an analysis of voting trends in a certain state is that the voting patterns of successive generations are described by the following matrix P. Dem. Rep. Ind. 80% 20% 60% Democrat P: 15% 70% 30% Republican 5% 10% 10% Independent Among the Democrats of one generation, 80% of the next generation are Democrats, 15% are Republican, and 5% are Independents. Express P as a stochastic matrix that defines a Markov chain model of the voting patterns. If there are 2.9 million registered Democrats, 1.4 million registered Republicans, and 0.29 million registered Independents at a certain time, what is the distribution (in millions) likely to be in the next generation? Democrats million Republicans million million HHU Independents
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started