From data collected by the Association of Realtors of a certain city, the following transition matrix was obtained. The matrix describes the buying pattern of home buyers who buy single-family homes (S) or condominiums (C) . Currently, 75% of the homeowners live in single-family homes, whereas 25% live in condominiums. If this trend continues, what will be the percent of homeowners in this city who will own single-family homes and condominiums 2 years from now? In the long run?
Please round the answers to one decimal place.
Percentage of single-family homes owners 2 years from now is __________%
Percentage of condominiums owners 2 years from now is __________%
Percentage of single-family homes owners the long run is __________%
Percentage of condominiums owners over the long run is __________%
Correct Answer:
Verified
Q61: A psychologist conducts an experiment in which
Q62: Find the steady-state vector for the transition
Q63: A television poll was conducted among regular
Q64: A psychologist conducts an experiment in which
Q65: Find the steady-state vector for the transition
Q67: Find the steady-state vector for the transition
Q68: Find the steady-state vector for the transition
Q69: Find the steady-state vector for the transition
Q70: Find the steady-state vector for the transition
Q71: Find the steady-state vector for the transition
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents