EmploymentEmploymentLast YearThis YearPercentageIndustryIndustry60Small Business20Self-Employed20Small BusinessIndustry10Small Business70Self-Employed20Self-EmployedIndustry80Small Business10Self-Employed10Assume 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 the two-step transition matrix P(2):P(2) =%3D...What is the probability that an individual employed in industry at one time is employed in small business 2 years later?(4) If an individual is self-employed this year, what is her most likely employment status 2 years from now? (Give thenumber of the state rather than its description in words.) (If there is more than one such state, which is the first one.)(5) If an individual would like to be self-employed 2 years from now, what current employment status would give here thegreatest likelihood of achieving her goal? (Give the number of the state rather than its description in words.) (If there ismore than one such state, which is the first one.)

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Description: EmploymentEmploymentLast YearThis YearPercentageIndustryIndustry60Small Business20Self-Employed20Small BusinessIndustry10Small Business70Self-Employed20Self-EmployedIndustry80Small Business10Self-Employed10Assume that state 1 is Industry, that state

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Employment Employment Last Year This Year Percentage Industry Industry 60 Small Business 20 Self-Employed 20 Small Business Industry 10 Small Business 70 Self-Employed 20 Self-Employed Industry 80 Small Business 10 Self-Employed 10 Assume that state 1 is Industry, that state 2 is SmallI 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 =

Employment Employment Last Year This Year Percentage Industry Industry 60 Small Business 20 Self-Employed 20 Small Business Industry 10 Small Business 70 Self-Employed 20 Self-Employed Industry 80 Small Business 10 Self-Employed 10 Assume that state 1 is Industry, that state 2 is SmallI 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 =

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Question

Employment
Employment
Last Year
This Year
Percentage
Industry
Industry
60
Small Business
20
Self-Employed
20
Small Business
Industry
10
Small Business
70
Self-Employed
20
Self-Employed
Industry
80
Small Business
10
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 the two-step transition matrix P(2):
P(2) =
%3D
...
What is the probability that an individual employed in industry at one time is employed in small business 2 years later?
(4) If an individual is self-employed this year, what is her most likely employment status 2 years from now? (Give the
number of the state rather than its description in words.) (If there is more than one such state, which is the first one.)
(5) If an individual would like to be self-employed 2 years from now, what current employment status would give here the
greatest likelihood of achieving her goal? (Give the number of the state rather than its description in words.) (If there is
more than one such state, which is the first one.)

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A university admissions committee anticipates an enrollment of 8000 students in its freshman class next year. To satisfy admission quotas, incoming students have been categorized according to their sex and place of residence. The number of students in each category is given by the matrix A. Male Female In-state 2500 2800 600 500 900 700 A = Out-of-state Foreign By using data accumulated in previous years, the admissions committee has determined that these students will elect to enter the College of Letters and Science, the College of Fine Arts, the School of Business Administration, and the School of Engineering according to the percentages that appear in the following matrix. L. & S. Fine Arts Bus. Ad. Eng. B = Male 0.25 0.20 0.30 0.25 0.30 0.35 0.25 0.10 Female Find the matrix AB that shows the number of in-state, out-of-state, and foreign students…
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