(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.)

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question

Please solve and show solutions for questions 3-5. Pleas refer to both attachments if needed to solve the questions. 

(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.
0.80
0.10
0.10
P =
0.10
0.60
0.30
0.30
0.50
0.20
(2) Find the two-step transition matrix P(2):
0.68
0.19
0.13
P(2) =
0.23
0.52
0.25
0.35
0.43
0.22
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. 0.80 0.10 0.10 P = 0.10 0.60 0.30 0.30 0.50 0.20 (2) Find the two-step transition matrix P(2): 0.68 0.19 0.13 P(2) = 0.23 0.52 0.25 0.35 0.43 0.22
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 5 images

Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman