In economics, the multiplier effect refers to the fact that when there is an injection of money to consumers, the consumers spend a certain percentage of it. That amount recirculates through the economy and adds additional income, which comes back to the consumers and of which they spend the same percentage. This process repeats indefinitely, circulating additional money through the economy. Suppose that in order to stimulate the economy, the government institutes a tax cut of $8 billion. If taxpayers are known to save 7% of any additional money they receive, and to spend 93%, how much total money (T) will be circulated through the economy by that single $10 billion tax cut? (Give your answer as a whole or exact number.)

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1. Pretend that in a certain city the number of new cases of COVID was reported to be 200 new cases on Sunday. Let’s pretend that the number of new cases grows by 22% on Monday, and then after that falls by 22% on Tuesday Question C: What percent would the percent increase have to be on Monday to have a total change of zero% from Sunday to Tuesday? i.e. new covid cases go up by ???% on Monday and then down 22% on Tuesday for a total change of 0%. (Use decimals in answer if needed)

A golfer practices different parts of their game for hours. Specifically, the golfer practices:(1) putting, (2) their short game, and (3) their iron game. The amount of time spent on each partof their game is exponentially distributed. If the golfer is practicing their putting, they will alwaysswitch to their short game after an average of 30 minutes. When the golfer practices their short game,they do so for an average of 45 minutes, and then switches to putting with probability 0.6 or to theiriron game with probability 0.4. When they practice their iron game, they do so for an average of 60minutes. After practicing their iron game, the golfer will switch to putting or to their short game withequal probability.(a) Draw the CTMC rate diagram, clearly label your states and transition rates (qij ’s)(b) Find the transition rates out of the states (vi’s) and transition probabilities (Pij ’s).(c) Find the limiting probabilities (make sure to write out the balance equations).(d) In the long…