Suppose that children whose parents are in middle to the high-income bracket will, as adults be in a middle to the high-income bracket with a probability .9 and a low-income bracket with a probability of .1 suppose also that children whose parents are in a low-income bracket well as adults, be in a middle to the high-income bracket with a probability.5 and in a low-income bracket with probability.5 A. what is the probability that a grandchild of a low-income family will be in the low-income bracket as an adult?
B. over the long-term what fraction of the adult population will be in the low-income bracket?