Suppose that there are 3 possible states of the weather in the fall: "sunny", "cloudy" and "rainy". Suppose that if the weather is sunny on one day, then on the following day it will be sunny with probability 0.4, cloudy with probability 0.3 and rainy with probability 0.3. Moreover, if the weather is cloudy on a given day, then it will never be sunny on the following day, but it might be cloudy again with a probability of 0.8 or rainy with a probability of 0.2. Finally, if the weather is rainy on any given day, it will be sunny on the following day with a probability of 0.2, cloudy with a probability of 0.3 and rainy with a probability of 0.5. a) Write the transition matrix A corresponding to the Markov chain described above. b) On any given day, what is the transition matrix B describing the probabilities of being in the states "sunny", "cloudy" and "rainy" two days from now?
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
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