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Question1: In any year in the world there is either economic growth or stagnation. In America, if there is growth for one year, there is a 75% chance of growth next year, and a 35% chance of a recession. If there is a recession for a year, you have a 30% chance of growth and a 70% chance of a recession next year. (a) If the recession is known in 2290, find the probability of growth in 2292. (b) What is the probability of a recession in America in 2360?.

Question1: In any year in the world there is either economic growth or stagnation. In America, if there is growth for one year, there is a 75% chance of growth next year, and a 35% chance of a recession. If there is a recession for a year, you have a 30% chance of growth and a 70% chance of a recession next year. (a) If the recession is known in 2290, find the probability of growth in 2292. (b) What is the probability of a recession in America in 2360?.

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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plz solve the question by using Markov Chain, solve it step by step, and write all the words after the solution plz

Question1: In any year in the world there is either economic growth or stagnation. In America, if there is growth for one year, there is a 75% chance of growth next year, and a 35% chance of a recession. If there is a recession for a year, you have a 30% chance of growth and a 70% chance of a recession next year.

(a) If the recession is known in 2290, find the probability of growth in 2292.

(b) What is the probability of a recession in America in 2360?.

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