Participants Eligible for a Retraining Program Can Be in One

question 51

Essay

Participants eligible for a retraining program can be in one of four states:
A - not in the training program
B - discharged
C - in training
D - employed
You are given the following transition matrix and the fundamental matrix. $$\begin{array} { r r r r r } & \mathrm { A } & { \text { B } } & \text { C } & \text { D } \\\hline \mathrm { A } & .1 & .6 & .3 & 0 \\\mathrm {~B} & 0 & 1.0 & 0 & 0 \\\mathrm { C } & .2 & .2 & .5 & .1 \\\mathrm { D } & 0 & 0 & 0 & 1.0\end{array}$$
$$\begin{array} { c c c } & \mathrm { A } & \mathrm { C } \\\hline \mathrm { A } & 1.28 & 0.77 \\\mathrm { C } & 0.51 & 2.31\end{array}$$
Assume that there were initially 10 people not in the training program (State
A) and 60 people who were in the training program (State
C). How many people will end up being discharged, and how many people will be employed?

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Definitions:

Market Basket

A set of goods and services used to represent what is consumed by a typical consumer for the purpose of measuring inflation or cost of living.

Utility Maximization

The process by which individuals allocate their resources to obtain the highest possible level of satisfaction or utility, subject to their budget constraint.

Marginal Utility

The change in total utility obtained by consuming one additional unit of a good or service.

Consumption Bundle

A set of goods or services that a consumer chooses to purchase at a given time.