AnswerkeyFor part (a), since poker is listed first in the problem statement, the "natural" choice of Markov matrix[0.8 0.05]is P =[0.95 0.2]0.05 0.8However, P =is also correct. (No other matrix is correct, even if the0.20.95four entries are the same.) For part (b), 35 gamblers play blackjack on Tuesday. For part (c), the uniquesteady-state vector of P (the first correct Plisted) is q = [1/5] A bus containing 100 gamblers arrives in Las Vegas on a Monday morning. The gamblers play onlypoker or blackjack, and never change games during the day. The gamblers' daily choice of game can bemodeled by a Markov chain: 95% of the gamblers playing poker today will play poker tomorrow, and 80%of the gamblers playing blackjack today will play blackjack tomorrow.(a) Write down the stochastic (Markov) matrix corresponding to this Markov chain.(b) If 60 gamblers play poker on Monday, how many gamblers play blackjack on Tuesday?(c) Find the unique steady-state vector for the Markov matrix in part (a).

Markov Matrix A Markov matrix, also known as a stochastic matrix, is used to represent steps…

Answered: A bus containing 100 gamblers arrives…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

TOPIC: MARKOV CHAINS A housewife always uses one of three brands of detergent: "A", "B" or "C". Which one she buys depends inwhich of the three manufacturers is running a promotional campaign (with gifts such as combs, ornaments, etc.),etc.). Companies undertake such campaigns at random, regardless of whether or not competitors are running other campaigns at the same time.not running other campaigns at the same time. Brand "A" company runs a campaign ½ of the time, brand "B" runs a campaign 1/3 of the time, and brand "B" runs a campaign 1/3 of the time, and brand "C" runs a campaign 1/3 of the time.1/3 of the time, and "C" promotes 1/3 of the time. If the lady buys brand "A" on a certain occasion, the next time she will also buy brand "A".If she buys brand "A" on a certain occasion, the next time she will also buy brand "A", if your company is promoting or if neither of the other two is doing so.or she buys brand "B" if it is on promotion, but brand "A" is not, or she buys brand "C" if…
Show full answers and steps to part d) and e) using Markov Chain Theory. Please explain how you get to the answers without using excel, R or stata
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
The Tiger Sports Shop1 has hired you as an analyst to understand its market position with respect to Clemson merchandise. It is particularly concerned about its major competitor, Mr. Knickerbocker, and which Clemson-related store has the ‘lead’ market share. Recent history has suggested that which Clemson-related store has the ‘lead market share’ can be modeled as a Markov Chain using three states: TSS (Tiger Sports Shop), MK (Mr. Knickerbocker), and Other Company (OC). Data on the lead market share is taken monthly and you have constructed the following one-step transition probability matrix from past data in the picture. a) The current state of the lead market share in October is that Tiger Sports Shop is in the lead (i.e., the Markov Chain in October is TSS). Tiger Sports Shop is considering launching a new brand in February only if it has the lead market share in January. Determine the probability that TSS will launch this new brand. Please show any equations or matrices…
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.)
Please help to solve
ne bets $1. 0.45, he wins the game and with probability 1 - p = 0.55, he loses the game. His goal is to increase his capital to $3, and as soon as he does, the game is over. The game is also over if his capital is reduced to zero. Construct an absorbing Markov chain and answer the following questions. • What is the expected duration of the game? • What is the probability that he goes broke?
The main topic is Markov Chains:Students in Geology class never know what is going to happen in the class, as the teacher may: give them a pop quiz, take them to field practice, analyze the topic of the day, or lecture on a special topic.If one day there is a test, the next day there is always a field practice.If one day there is field practice, the next day there is no practice or test, but there is still a chance of the day's topic or special lecture.of the day or of the special lecture.If on a certain day the topic is tested, the probabilities for the next day are ¼ for the test, 1/6 for the topic and 1/3 for the lecture.and 1/3 for the lecture.If one day there is a lecture, the odds for the next day are ¼ for the test, 1/8 for the practice, 1/8 for the topic analysis and ½ for the lecture.for the analysis of the topic and ½ for the lecture.One of the students has calculated that they can expect quizzes 43/287 of the lecture days; field practice72/287 of the class days; topic…
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

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

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

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

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

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

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

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS