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Employment Employment Last Year This Year Percentage Industry Industry 50 Small Business 30 Self-Employed 20 Small Business Industry 20 Small Business 60 Self-Employed 20 Self-Employed Industry 10 Small Business 80 Self-Employed 10 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. P = (2) Find long-run distribution of people among these various types of employment: w-[ W =

Employment Employment Last Year This Year Percentage Industry Industry 50 Small Business 30 Self-Employed 20 Small Business Industry 20 Small Business 60 Self-Employed 20 Self-Employed Industry 10 Small Business 80 Self-Employed 10 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. P = (2) Find long-run distribution of people among these various types of employment: w-[ W =

A First Course in Probability (10th Edition)
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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Employment Employment Last Year This Year Percentage Industry Industry 50 Small Business 30 Self-Employed 20 Small Business Industry 20 Small Business 60 Self-Employed 20 Self-Employed Industry 10 Small Business 80 Self-Employed 10 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. ... P = ... ... ... ... (2) Find long-run distribution of people among these various types of employment: ... ... W
Transcribed Image Text:Employment Employment Last Year This Year Percentage Industry Industry 50 Small Business 30 Self-Employed 20 Small Business Industry 20 Small Business 60 Self-Employed 20 Self-Employed Industry 10 Small Business 80 Self-Employed 10 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. ... P = ... ... ... ... (2) Find long-run distribution of people among these various types of employment: ... ... W
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