What does population vector, Π=(P1,P2,P3r,P3w)T mean ? How do this formula describe the overall state probability? (there are state 1, state 2 and state 3w, 3r)

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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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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What does population vector, Π=(P1,P2,P3r,P3w)T mean ? How do this formula describe the overall state probability?

(there are state 1, state 2 and state 3w, 3r)

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Then, what does the equation d/dt Π = MΠ mean? 

(where M is a 4x4 transition rate matrix)

 

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