(1) If volume is high this week, then next week it will be high with a probability of 0.8 and low with a probability of 0.2. (ii) If volume is low this week then it will be high next week with a probability of 0.5. Assume that state 1 is high volume and that state 2 is low volume. (1) Find the transition matrix for this Markov process. P = (2) If the volume this week is high, what is the probability that the volume will be high two weeks from now? (3) What is the probability that volume will be high for three consecutive weeks?
(1) If volume is high this week, then next week it will be high with a probability of 0.8 and low with a probability of 0.2. (ii) If volume is low this week then it will be high next week with a probability of 0.5. Assume that state 1 is high volume and that state 2 is low volume. (1) Find the transition matrix for this Markov process. P = (2) If the volume this week is high, what is the probability that the volume will be high two weeks from now? (3) What is the probability that volume will be high for three consecutive weeks?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:(1) If volume is high this week, then next week it will be high with a probability of 0.8 and low with a probability of 0.2.
(ii) If volume is low this week then it will be high next week with a probability of 0.5.
Assume that state 1 is high volume and that state 2 is low volume.
(1) Find the transition matrix for this Markov process.
P =
(2) If the volume this week is high, what is the probability that the volume will be high two weeks from now?
(3) What is the probability that volume will be high for three consecutive weeks?
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