From Data Collected by the Association of Realtors of a Certain

question 124

Essay

From data collected by the Association of Realtors of a certain city, the following transition matrix was obtained. The matrix describes the buying pattern of home buyers who buy single-family homes (S) or condominiums (C) . Currently, 75% of the homeowners live in single-family homes, whereas 25% live in condominiums. If this trend continues, what will be the percent of homeowners in this city who will own single-family homes and condominiums 2 years from now? In the long run?
Please round the answers to one decimal place.
Percentage of single-family homes owners 2 years from now is __________%
Percentage of condominiums owners 2 years from now is __________%
Percentage of single-family homes owners the long run is __________%
Percentage of condominiums owners over the long run is __________%

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Definitions:

Random

Lacking pattern, purpose, or predictability, often used in the context of selecting items or events in a way that each has an equal chance of being chosen.

Average Age

The mean value of the ages of individuals in a particular group, calculated by summing their ages and dividing by the number of individuals.

Sampling Frame

The list or database from which a sample is drawn for a study, containing all the elements that define the population.

Quality Control

The practice of maintaining standards in manufactured products by testing a sample of the output against the specification.