Given the following transition matrix, what is the probability that the chain is in State 3 in the long run? Give your answer in 3 decimal plac 0.25 0.5 0.25 0.5 0.5 0 O 05 05

Elementary Linear Algebra (MindTap Course List)
8th Edition
ISBN:9781305658004
Author:Ron Larson
Publisher:Ron Larson
Chapter2: Matrices
Section2.5: Markov Chain
Problem 47E: Explain how you can determine the steady state matrix X of an absorbing Markov chain by inspection.
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Given the following transition matrix, what is the probability that the chain is in State 3 in the long run? Give your answer in 3 decimal places.
0.25 0.5 0.25.
(0.5 0.5 0
0 0.5 0.5
Consider the Markov Chain in Example 1, suppose Xo=2, find P(X3=3). Give your answer in 3 decimal place.
0.5 0.5 0 0
0 0.5 0.50
0 0.5 0.5)
0 0 1
Transcribed Image Text:Given the following transition matrix, what is the probability that the chain is in State 3 in the long run? Give your answer in 3 decimal places. 0.25 0.5 0.25. (0.5 0.5 0 0 0.5 0.5 Consider the Markov Chain in Example 1, suppose Xo=2, find P(X3=3). Give your answer in 3 decimal place. 0.5 0.5 0 0 0 0.5 0.50 0 0.5 0.5) 0 0 1
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