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

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

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

Two events A and B have the following probabilities: P (A) = 0.4, P (B)= 0.5, and P (A and B) = 0.3. Find P( B and AC).
A realtor who takes the listing on a house to be sold knows that she will spend $700 trying to sell the house. If she sells it herself, she will earn 6% of the selling price. If another realtor sells a house from her list, the first realtor will earn only 3% of the price. If the house remains unsold after 6 months, she will lose the listing. Suppose that probabilities are as follows: Event Probability Sells the house alone 0.50 Sells through another agent 0.40 Does not sell in 6 months 0.10 What is the expected profit from listing a $175,000 house?
part ii
Q15
A k-out-of-n system is one that will function if and only if at least k of the n individual components in the system function. If individual components function independently of one another, each with probability 0.75, what is the probability that a 3-out-of-5 system functions? (Round your answer to three decimal places.) You may need to use the appropriate table in the Appendix of Tables to answer this question. Need Help? Read It
An amount of $10,000 is to be invested for three years. The yield rate for the first year will be equally likely to be 5%, 6%, 7%, 8% or 9%; for the second year will be equally likely to be 7% or 9%; for the third year will be 7%, 8% or 9% with probabilities 0.3, 0.5 and 0.2, respectively. The yield rates in different years are independent. Find the probability that the accumulation of the investment for the three years will be greater than its expected value.
A certain system can experience three different types of defects. Let A, (i = 1,2,3) denote the event that the system has a defect of type i. Suppose that the following probabilities are true. P(A1) = 0.15 P(A2) = 0.09 P(A3) = = 0.07 P(A₁ U A₂) = 0.16 P(A₂ U A3) = 0.13 P(A₁ U A3) = 0.17 P(A1 A2 A3) = 0.02 (a) What is the probability that the system does not have a type 1 defect? (b) What is the probability that the system has both type 1 and type 2 defects? (c) What is the probability that the system has both type 1 and type 2 defects but not a type 3 defect? (d) What is the probability that the system has at most two of these defects?
Suppose an oil company is thinking of buying some land for $10,000,000. There is a 60%60% chance of economic growth and a 40%40% chance of recession. The probability of discovering oil is 44%44% when there is economic growth and 32%32% when there is a recession. If there is economic growth and the oil company discovers oil, the value of the land will triple. If they do not discover oil, the value of the land will decrease by 10%.10%. If there is a recession and the company discovers oil, the value of the land will increase by 50%.50%. If they do not discover oil, the land will decrease in value by 75%.75%. What is the expected value of the investment? Give your answer to the nearest dollar. Avoid rounding within calculations. $$ Select the correct interpretation of the expected value. The expected value represents what the actual investment value will be for this land purchase of $10,000,000. The company should make the investment because the expected value…
A system has five components connected as shown in the diagram. Assume A, B, C, D, and E function independently. If the probabilities that A, B, C, D, and E function 0.50, 0.65, 0.75, 0.95, and 0.80 respectively, what is the probability that the system fails? 50 .65 A B 1.75 с 95 D E
Final Answer only please
A study conducted by the Urban Energy Commission in a large metropolitan area indicates the probabilities that homeowners within the area will use certain heating fuels or solar energy during the next 10 years as the major source of heat for their homes. The following transition matrix represents the transition probabilities from one state to another. Electricity 10.2 Natural Gas Fuel Oil Solar Energy Elec. Gas Oil 0.60 0.05 0.10 0.15 0.85 0.10 0.08 Solar 0 0.10 0.02 0.75 0.08 0.15 0.08 0.05 0.84 Among homeowners within the area, 20% currently use electricity, 35% use natural gas, 40% use oil, and 5% use solar energy as the major source of heat for their homes. In the long run, percentage of homeowners within the area will be using solar energy as their major source of heating fuel? (Round your answer to one decimal place. Assume the trend continues.) X % what
Alyssa and Gabriel play a game. Alyssa rolls a die. If she rolls a 1, 2, or 3, Gabriel gives away $3. If Alyssa rolls a 4 or 5, he gives her $2. However if she rolls a 6, she gives him $22. Determine Alyssa's expectation and determine Gabriel's expectation