3. Construct a model of population flows between cities, suburbs, and nonmetropolitan areas of the UnitedStates. Their respective populations in 2022 were 80 million, 175 million, and 52 million. The stochasticmatrix giving the probabilities of the moves is(from)(to)citysuburb nonmetro0.960.010.015 city0.030.980.005suburb0.010.010.98nonmetroPredict the populations of city, suburban, and nonmetropolitan areas for 2023, 2024, and 2025. If a personwas living in the city in 2022, what is the probability the person will be living in a nonmetropolian area in2024?

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Answered: 3. Construct a model of population…

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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The owner of a chain of mini-markets wants to compare the sales performance of two of her stores, Store 1 and Store 2. Sales can vary considerably depending on the day of the week and the season of the year, so she decides to eliminate such effects by making sure to record each store's sales on the same 10 days, chosen at random. She records the sales (in dollars) for each store on these days, as shown in the table below. Day 1 3 4 6. 9 10 Store 1 557 829 733 531 454 634 409 726 769 329 Store 2 413 732 567 484 650 586 269 684 705 371 Difference 144 97 166 47 - 196 48 140 42 64 -42 (Store 1- Store 2) Send data to calculator Based on these data, can the owner conclude, at the 0.10 level of significance, that the mean daily sales of the two stores differ? Answer this question by performing a hypothesis test regarding u (which is u with a letter "d" subscript), the population mean daily sales difference between the two stores. Assume that this population of differences (Store 1 minus Store…
The following data consists of a matrix of transition probabilities (P) of three competing companies, the initial market share state ℼ(1), and the equilibrium probability states. Assume that each state represents a firm (Company 1, Company 2, and Company 3, respectively) and the transition probabilities represent changes from one month to the next. The market share of Company 2 after two periods is a. 0.283 b. 0.26 c. 0.261 d. 0.47
A businessman is shipping a machine to another country. The cost of overhauling is $2700. If the machine fails in operation in the other country, it will cost $5500 in lost production and repairs. He estimates the probability that it will fail at 0.3 if it is not overhauled, and 0.2 if it is overhauled. Neglect the possibility that the machine might fail more than once in the 4 years (a) Prepare a payoff matrix. (b) What should the businessman do to minimize his expected costs? (a) Fill in the entries of the payoff matrix Fails Does Not Fail 8 81 (b) Would overhauling the machine before shipping minimize the businessman's expected costs? Overhaul Does Not Overhaul CETT OYes O No
what is the solution?
Can someone please help me with this question. I am having so much trouble.
In an office complex of 1000 employees, on any given day some are at work and the rest are absent. It is known that if an employee is at work today, there is an 85% chance that she will be at work tomorrow, and if the employee is absent today, there is a 70% chance that she will be absent tomorrow. Suppose that today there are 740 employees at work. (A graphing calculator is recommended.) (a) Find the transition matrix A for this scenario. at work absent A = (b) Predict the number that will be at work five days from now. (Round your answer to the nearest integer.) employees (c) Find the steady-state vector x. (Round your answer to two decimal places.)
What is the probability that those units in states 3 and 4 end up in each of the absorbing states?
Don't give handwritten answer
A businessman is shipping a machine to another country. The cost of overhauling is $2400. If the machine fails in operation in the other country, it will cost $5000 in lost production and repairs. He estimates the probability that it will fail at 0.8 if it is not overhauled, and 0.1 if it is overhauled. Neglect the possibility that the machine might fail more than once in the 4 years. (a) Prepare a payoff matrix. (b) What should the businessman do to minimize his expected costs? (a) Fill in the entries of the payoff matrix. Overhaul Does Not Overhaul Fails Does Not Fail

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