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Please develop the exercise in excel step step indicating how the transition matrix was built and the other steps to perform the exercise, thank you.
Please develop the exercise in excel step step indicating how the transition matrix was built and the other steps to perform the exercise, thank you.
Each North American family can be classified as an urban, rural, or suburban inhabitant. During a given year, 15% of all urban families move to a suburban area and 5% move to a rural area. Also, 6% of suburban families move to urban areas and 4% move to rural areas. Finally, 4% of rural families move to a suburban area and the 6% move to an urban area. a) If a family currently lives in an urban area, what is the probability that after 2 years live in an urban area? In a suburban area? In a rural area? b) Suppose that today 40% of families live in an urban area, 25% in an urban area. suburban and 15% in rural areas. After two years, what percentage of the families American women will live in an urban area? c) What problems could arise if this model were used to predict the future distribution of the population in the United StatesStep by Step Solution
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