i) If volume is high this week, then next week it will be high with a probability of 0.6 and low with a probability of 0.4.(ii) If volume is low this week then it will be high next week with a probability of 0.2.The manager estimates that the volume is five times as likely to be high as to be low this week.Assume that state 1 is high volume and that state 2 is low volume. Find the transition matrix P for this Markov chain:
i) If volume is high this week, then next week it will be high with a probability of 0.6 and low with a probability of 0.4.(ii) If volume is low this week then it will be high next week with a probability of 0.2.The manager estimates that the volume is five times as likely to be high as to be low this week.Assume that state 1 is high volume and that state 2 is low volume. Find the transition matrix P for this Markov chain:
Elementary Linear Algebra (MindTap Course List)
8th Edition
ISBN:9781305658004
Author:Ron Larson
Publisher:Ron Larson
Chapter4: Vector Spaces
Section4.7: Cooridinates And Change Of Basis
Problem 58E
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i) If volume is high this week, then next week it will be high with a
(ii) If volume is low this week then it will be high next week with a probability of 0.2.
The manager estimates that the volume is five times as likely to be high as to be low this week.
Assume that state 1 is high volume and that state 2 is low volume.
Find the transition matrix P for this Markov chain:
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