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Suppose a government study estimated that the probability of successive generations of a rural family remaining in a rural area was 0.4 and the probability of successive generations of an urban family remaining in an urban area was 0.6. Assuming a Markov chain applies to these facts, find the steady-state vector.
Sales Level
The total volume or amount of sales achieved by a business within a specified time period.
Dividend Payout Ratio
The portion of a company's earnings that is paid out to shareholders as dividends, usually expressed as a percentage.
Sustainable Rate
The maximum rate at which a company can grow its earnings without needing additional equity financing while maintaining a constant debt-to-equity ratio.
External Equity
Refers to funds raised from outside the company, typically through issuing new shares to investors.
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