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)

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...

See similar textbooks

Similar questions

Solve the ff: Using Markov Chains: Show your solutionOn any given day my mood can be in one of three states: happy, sad, or morose. If I am happy on a given day, then on the next day I will be happy 80% of the time, sad 15% of the time, and morose 5% of the time. If I am sad on a given day, then on the next day I will be happy 50% of the time, sad 20% of the time, and morose 30% of the time. If I am morose on a given day, then on the next day I will be happy 40% of the time, sad 40% of the time, and morose 20% of the time. Given that I am sad today, find the probabilitythat I will be in each of the three moods in 5 days.
Solve using markov chain
Shakira's concerts behave like a Markov chain. If the current concert gets cancelled, then there is an 80%
A system consists of five components, each can be operational or not. Each day one operational component is used and it will fail with probability 20%. Any time there no operational components at the end of a day, maintenance will be performed and all non-operational components will be repaired (with probability 1). The system does not perform any other tasks on the day of repairs. Model the system as a Markov chain Write down equations for determining long-run proportions. Suppose that you are interested in the average number of days that the system is under repair. Explain how you would find it using your model.
can you please do part d and e , please provide explanations
Solve using Markov
A system consists of five components, each can be operational or not. Each day one operational component is used and it will fail with probability 20%. Suppose there are five repairmen available that can each work on one broken down component per day. Each repairman successfully fixes the component with probability 70% regardless of whether he has worked on it previous days. Model the system as a Markov chain Write down equations for determining long-run proportions. Suppose that you are interested in the average number of repairmen who are working per day. Explain how you would find it using your model. You are not asked to solve any equations here, instead describe how you would use the solutions.
Shakira's concerts behave like a Markov chain. If the current concert gets cancelled, then there is an 80% chance that the next concert will be cancelled also. However, if the current concert does not get cancelled, then there is only a 60% chance that the next concert will be cancelled. What is the long-run probability that a concert will be cancelled? O 1/4 O None of the others are correct 3/4 2/3 4/5 O 7/10
Shakira's concerts behave like a Markov chain. If the current concert gets cancelled, then there is an 90% chance that the next concert will be cancelled also. However, if the current concert does not get cancelled, then there is only a 50% chance that the next concert will be cancelled. What is the long-run probability that a concert will not be cancelled? a. 1/4 b. 1/10 c. 1/6 d. 1/2 e. 5/6 f. None of the others are correct
solve using Markov Chain
Please show steps to find solution for markov chain
Using linear algebra principles for markov chain, how would I determine the equilibrium state of the the system to figure out how many DVDs would be at location P, Q, and R?