Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
(a) The following diagram shows the movement of Kenyan households among three income groups: affluent, middle class, and poor, over the 11-year period 1980–1991. AFFLUENT 27.1% Sh72,000 (in 1994) 7.5% MIDDLE CLASS 8.5% Sh24,000 (in 1994) 30.4% POOR (i) Use the transitions shown in the diagram to construct a transition matrix (assuming zero probabilities for the transitions between affluent and poor). (ii) Assuming that the trend shown was to continue, what percent of households' classified as affluent in 1980 -1991, were predicted to become poor in 1993? (iii) According to the model, what percentage of all Kenyan households will be in each income bracket in the long term?

(a) The following diagram shows the movement of Kenyan households among three income groups: affluent, middle class, and poor, over the 11-year period 1980–1991. AFFLUENT 27.1% Sh72,000 (in 1994) 7.5% MIDDLE CLASS 8.5% Sh24,000 (in 1994) 30.4% POOR (i) Use the transitions shown in the diagram to construct a transition matrix (assuming zero probabilities for the transitions between affluent and poor). (ii) Assuming that the trend shown was to continue, what percent of households' classified as affluent in 1980 -1991, were predicted to become poor in 1993? (iii) According to the model, what percentage of all Kenyan households will be in each income bracket in the long term?

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter1: Functions
Section1.EA: Extended Application Using Extrapolation To Predict Life Expectancy
Problem 7EA
See similar textbooks
icon
Related questions
icon
Concept explainers
Question
100%
(a) The following diagram shows the movement of Kenyan households among three income groups: affluent, middle class, and poor, over the 11-year period 1980–1991. AFFLUENT 27.1% Sh72,000 (in 1994) 7.5% MIDDLE CLASS 8.5% Sh24,000 (in 1994) 30.4% POOR (i) Use the transitions shown in the diagram to construct a transition matrix (assuming zero probabilities for the transitions between affluent and poor). (ii) Assuming that the trend shown was to continue, what percent of households' classified as affluent in 1980 -1991, were predicted to become poor in 1993? (iii) According to the model, what percentage of all Kenyan households will be in each income bracket in the long term?
Transcribed Image Text:(a) The following diagram shows the movement of Kenyan households among three income groups: affluent, middle class, and poor, over the 11-year period 1980–1991. AFFLUENT 27.1% Sh72,000 (in 1994) 7.5% MIDDLE CLASS 8.5% Sh24,000 (in 1994) 30.4% POOR (i) Use the transitions shown in the diagram to construct a transition matrix (assuming zero probabilities for the transitions between affluent and poor). (ii) Assuming that the trend shown was to continue, what percent of households' classified as affluent in 1980 -1991, were predicted to become poor in 1993? (iii) According to the model, what percentage of all Kenyan households will be in each income bracket in the long term?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
(b) Gloria operates three self-service gasoline stations in different parts of town. On a certain day, station A sold 711 liters of premium, 925 liters of super, 1320 liters of regular gasoline, and 715 liters of diesel fuel; station B sold 700 liters of premium, 600 liters of super, 1200 liters of regular gasoline, and 400 liters of diesel fuel; station C sold 900 liters of premium, 700 liters of super, 1400 liters of regular gasoline, and 800 liters of diesel fuel. Assume that the price of gasoline was Sh30.80/liters for premium, Sh31.60/liters for super, and Sh32.40/liters for regular and that diesel fuel sold for Sh33.70/liters. Use matrix algebra to find the total revenue at each station. (c) In the previous year, at Hub Motors ltd, for a particular model of Mercedes, Nissan and Ford, one could purchase (in million shillings) all three cars for a total of Ksh 152. This year, due to inflation, the same cars would cost Ksh 171. The cost of the Mercedes increased by 8.5%, the Nissan by 6.5%, and the Ford by 12.5%. If the price of last year's Nissan was Ksh 7 less than the price of last year's Mercedes, Use matrix inverse to find the price of each of the three cars last year. (Your matrix should be a three by three)
Transcribed Image Text:(b) Gloria operates three self-service gasoline stations in different parts of town. On a certain day, station A sold 711 liters of premium, 925 liters of super, 1320 liters of regular gasoline, and 715 liters of diesel fuel; station B sold 700 liters of premium, 600 liters of super, 1200 liters of regular gasoline, and 400 liters of diesel fuel; station C sold 900 liters of premium, 700 liters of super, 1400 liters of regular gasoline, and 800 liters of diesel fuel. Assume that the price of gasoline was Sh30.80/liters for premium, Sh31.60/liters for super, and Sh32.40/liters for regular and that diesel fuel sold for Sh33.70/liters. Use matrix algebra to find the total revenue at each station. (c) In the previous year, at Hub Motors ltd, for a particular model of Mercedes, Nissan and Ford, one could purchase (in million shillings) all three cars for a total of Ksh 152. This year, due to inflation, the same cars would cost Ksh 171. The cost of the Mercedes increased by 8.5%, the Nissan by 6.5%, and the Ford by 12.5%. If the price of last year's Nissan was Ksh 7 less than the price of last year's Mercedes, Use matrix inverse to find the price of each of the three cars last year. (Your matrix should be a three by three)
Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Continuous Probability Distribution
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Calculus For The Life Sciences
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
SEE MORE TEXTBOOKS