Home ownership. The U.S. Census Bureau published the home ownership rates given in Table 2. The following transition matrix P is proposed as a model for the data, where H represents the households that own their home. Four years later H H ′ Current year H H ′ .95 .05 .15 .85 = P (A) Let S 0 = .654 .346 , and find S 1 , S 2 , and S 3 . Compute both matrices exactly and then round entries to three decimal places. (B) Construct a new table comparing the results from part (A) with the data in Table 2. (C) According to this transition matrix, what percentage of households will own their home in the long run?
Home ownership. The U.S. Census Bureau published the home ownership rates given in Table 2. The following transition matrix P is proposed as a model for the data, where H represents the households that own their home. Four years later H H ′ Current year H H ′ .95 .05 .15 .85 = P (A) Let S 0 = .654 .346 , and find S 1 , S 2 , and S 3 . Compute both matrices exactly and then round entries to three decimal places. (B) Construct a new table comparing the results from part (A) with the data in Table 2. (C) According to this transition matrix, what percentage of households will own their home in the long run?
Solution Summary: The author calculates the matrices S_1,
Give two examples of primary and secondary data
Primary
1.
2.
Secondary
1.
2
Paint lifetime: A paint company collected data on the lifetime (in years) of its paint in eleven United States cities. The data are in the following table.
Average annual
Precipitation
(inches)
48.6
43.8
29.3
26.4
City
Atlanta, GA
Boston, MA
Kansas City, KS
Minneapolis, MN
Dallas, TX
Denver, CO
Miami, FL
Phoenix, AZ
San Francisco, CA
Seattle, WA
Send data to Excel
Paint
Lifetime
Part 1 of 2
11.5
11.7
12.3
10.5
11.2
15.2
8.7
11.1
16.7
Average January
Temperature
41.9
29.6
28.4
11.2
45.0
29.5
67.1
52.3
48.5
40.6
Average July
Temperature
78.6
73.5
80.9
73.1
86,3
73.3
82.4
92.3
62.2
65.3
34.2
15.3
57.5
7.1
19.7
38.9
In Cheyenne, Wyoming, the average January temperature is 26.1, the average July temperature is 68.9, and the average annual precipitation is 13.3.
Construct a 95% confidence interval for the paint lifetime. Round your answers to at least two decimal places.
Chapter 9 Solutions
Finite Mathematics for Business, Economics, Life Sciences and Social Sciences
Mathematics with Applications In the Management, Natural and Social Sciences (11th Edition)
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