Consider the Markov chain with the following transition diagram ½ OCO 2/3 2/3 1/3 3 a Find the stationary distribution of this Markov chain. b In the long run, what fraction of time has it spent in state 3?

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Problem 3
Consider the Markov chain with the following transition diagram
2/3
½/3
2/3
2
1/3
3
a Find the stationary distribution of this Markov chain.
b In the long run, what fraction of time has it spent in state 3?
Transcribed Image Text:Problem 3 Consider the Markov chain with the following transition diagram 2/3 ½/3 2/3 2 1/3 3 a Find the stationary distribution of this Markov chain. b In the long run, what fraction of time has it spent in state 3?
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