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Use an inverse matrix to find the solution to the system.
-Suppose that in a certain city, the Democratic, Republican, and Independent parties always nominate candidates mayor. It turns out that the percent of people voting for each party candidate in the next election depends on the that voted for that party in the last election. The percent voting for each party in the next election is given by
where , and are the respective percents (in decimals) that voted for that party in the last election. If the perce voting for a Democrat in the next election is , the percent voting for a Republican in the next election is , and the percent voting for the Independent party in the next election is , then what percent of people voted for an Independent in the last election?
Rich-Country Standards
The benchmarks or norms established by wealthy countries for quality of life, economic performance, and governance.
Optimal Resource Allocation
The most efficient distribution of resources in an economy, achieving the best possible balance of production and distribution to meet the needs and wants of the population.
ITQs
Individual Transferable Quotas, a system in resource management where individuals or companies have the right to a portion of the total allowable catch or quota.
Least Costly Way
The most efficient method of achieving a desired outcome or producing a good or service, minimizing expenses while meeting specified objectives.
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