Please answer the questions on both attachments. The tabel refers to all questions in both attachements. Please show solutions and explain steps. (3) What is the probability that an individual employed in industry at one time is employed in small business 2 years later?(4) If an individual is self-employed this year, what is her most likely employment status 2 years from now? (Give the number of the state rather than itsdescription in words.) (If there is more than one such state, which is the first one.)(5) If an individual would like to be self-employed 2 years from now, what current employment status would give here the greatest likelihood of achievingher goal? (Give the number of the state rather than its description in words.) (If there is more than one such state, which is the first one.)......... Employment EmploymentLast YearThis YearPercentageIndustryIndustry80Small Business10Self-Employed10Small BusinessIndustry10Small Business60Self-Employed30Self-EmployedIndustry30Small Business50Self-Employed20Assume that state 1 is Industry, that state 2 is Small Business, and that state 3 is Self-Employed.(Note: Express your answers as decimal fractions rounded to 4 decimal places (if they have more than 4 decimal places).)(1) Find the transition matrix for this Markov process.P =......(2) Find the two-step transition matrix P(2):P(2) =...

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A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

Please answer the questions on both attachments. The tabel refers to all questions in both attachements. Please show solutions and explain steps.

(3) What is the probability that an individual employed in industry at one time is employed in small business 2 years later?
(4) If an individual is self-employed this year, what is her most likely employment status 2 years from now? (Give the number of the state rather than its
description in words.) (If there is more than one such state, which is the first one.)
(5) If an individual would like to be self-employed 2 years from now, what current employment status would give here the greatest likelihood of achieving
her goal? (Give the number of the state rather than its description in words.) (If there is more than one such state, which is the first one.)
...
...
...

Employment Employment
Last Year
This Year
Percentage
Industry
Industry
80
Small Business
10
Self-Employed
10
Small Business
Industry
10
Small Business
60
Self-Employed
30
Self-Employed
Industry
30
Small Business
50
Self-Employed
20
Assume that state 1 is Industry, that state 2 is Small Business, and that state 3 is Self-Employed.
(Note: Express your answers as decimal fractions rounded to 4 decimal places (if they have more than 4 decimal places).)
(1) Find the transition matrix for this Markov process.
P =
...
...
(2) Find the two-step transition matrix P(2):
P(2) =
...

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