(c) Suppose there is an epidemic in which every month a quarter of those whoare well become sick and 1/8 of those who are sick recover and acquireimmunity for life.i. Find the matrix that describe this Markov processii. Find the steady state of this process. Briefly justify your answer.

Given PSick/Well=0.25 PRecover/Sick=0.125

Answered: (c) Suppose there is an epidemic in…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

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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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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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(c) Suppose there is an epidemic in which every month a quarter of those who are well become sick and 1/8 of those who are sick recover and acquire immunity for life. i. Find the matrix that describe this Markov process ii. Find the steady state of this process. Briefly justify your answer.