Question: 4. In the city of Panem there are two political parties: the White Rose party and the Red Rose party. Historically, if the the

4. In the city of Panem there are two political parties: the

4. In the city of Panem there are two political parties: the White Rose party and the Red Rose party. Historically, if the the White Rose party wins the election, they have an 80% chance of winning the next election as well. If the Red Rose party wins the election, they have a 60% of re-election. (a) If this year the Red Rose party won the election, then which party will be in power in 3 elections? (b) What were the percentages of popularity after 3 elections for each party? (c) Find the steady state vector for Panem, and give an interpretation of the long term political situation of Panem.

Step by Step Solution

★★★★★

3.50 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

A Consumer Expenditure Survey in the city of Firestorm shows that people consume only firecrackers and bandages. In 2010, the year of the survey and also the reference base year, the average...

For the month of June in the city of Chicago, 37% of the days are cloudy. Also in the month of June in the city of Chicago, 21% of the days are cloudy and rainy. What is the probability that a...

In the city of Metropolis, there are 100 residents, each of whom lives until age 75. Residents of Metropolis have the following incomes over their lifetime: Through age 14, they earn nothing. From...

KanTech Corporation is a global distributor of electrical parts and components. Its customers are electronics companies in the United States, including computer manufacturers and audio/visual product...

As the volunteer business manager for the New City Band (City Band), you are responsible for preparing the operating budget for the organizations upcoming summer concert season. Each year, City Band...

Malcolm and Shannon purchased their first house with a $180 000 mortgage. Their 5-year mortgage had a 7.5% semi-annually compounded interest rate, and was amortized over 25 years. Payments were made...

Do the reasons provided by Leigh support his use of the FCFE model to value Holts common stock instead of using a DDM? A. Yes. B. No, because Holts dividend situation argues in favor of using the...

The car-in-the-garage problem, car man has just purchased the world's longest stretch limo, which has a proper length of Lc = 30.5 m. In Figure a, it is shown parked in front of a garage with a...

Suppose at time t = 0, we are given four zero-coupon bond prices {B1, B2, B3, B4} that mature at times t = 1, 2, 3, 4. This forms the term structure of interest rates. We also have one-period forward...

Friar Paint Company makes paint in many different colors; it charges the same price for all of its paint regardless of the color. Recently, Friars chief competitor cut the price of its white paint,...

3. Scenario and sensitivity analysis Intel is currently trading at $20.25, interest rates are currently 7.5%, and 2.0 year call options on Intel with a strike of $23 are trading at an implied vol of...

An automobile assembly line operates for two shifts aday.Thefirst shiftaccountsfortwo-thirds oftheover-all production. The task of quality control engineers is to monitor the number of...

Safe or not, he made it up the tower; since he is, after all, a warrior. The ransom note read: "If you wish to see Princess Eva alive, bring all the diamonds from the royal treasury to the Kingdom of...

There are 7 Code-A-Pillar command blocks; 3 left, 2 straight, 1 right, and 1 sound. 3 blocks were chosen at random for the Code-A-Pillar. What is the probability that the 2 straights were chosen for...

1) An organisation has the following contribution function: Contribution = 5X + 10Y where X = the number of units of product X produced, and Y = the number of units of product Y produced. A graph has...

Case Study: If Only I Had Known A few months ago, Maria Turks, manager of client care at Willowpark Retirement Centre, was asked to review a job description for caregiver as 25 people in this job...

Problem 2. AA Overhead allocation and adjustment using a predetermined overhead rate LO P3, PA December 2016 Learer Company's manager estimated next year's total drect labor cost souming 50 persons...

Reconsider Prob. 1474. In order to drain the tank faster, a pump is installed near the tank exit as in Fig. P1475. Determine how much pump power input is necessary to establish an average water...

For each of the following situations, decide whether Al has increasing, constant, or diminishing marginal utility. a. The more economics classes Al takes, the more he enjoys the subject. And the more...

A recent study determined the following elasticities for Volkswagen Beetles: Price elasticity of demand = 2 Income elasticity of demand = 1.5 The supply of Beetles is elastic. Based on this...

You are the manager of a gym, and you have to decide how many customers to admit each hour. Assume that each customer stays exactly one hour. Customers are costly to admit because they inflict wear...

Draw two diagrams of a monopolistically competitive firm. In the first, show the firm earning profits in the short run. In the second, show the firm in long-run equilibrium earning zero profits. What...

The diagram below shows supply and demand in the I labour market. a. At the free-market equilibrium, w* and L*, show what areas represent consumer and producer surplus. b. Now suppose the government...

The following figure shows the revenue and cost curves for a typical monopolistically competitive firm in the short run. a. Note that the firm's demand curve is shown to be quite flat. Explain which...