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3) What is the probability that an individual employed in industry at one time is employed in small business 2 years later?

3) What is the probability that an individual employed in industry at one time is employed in small business 2 years later?

A First Course in Probability (10th Edition)
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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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.) ... ... ...
Transcribed Image Text:(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) = ...
Transcribed Image Text: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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