Mathematical Applications for the Management, Life, and Social Sciences
12th Edition
ISBN: 9781337625340
Author: Ronald J. Harshbarger, James J. Reynolds
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 7, Problem 22T
A publishing company has determined that a new edition of an existing mathematics textbook will be readopted by 80% of its current users and will be adopted by 7% of the users of other texts if the text is not changed radically. To determine whether it should change the book radically to attract more sales, the company uses Markov chains. Assume that the text in question currently has 25% of its possible market.
(a) Create the transition matrix for this chain.
(b) Find the probability
(c) Find the steady-state vector for this text to determine what percent of its market this text will have if this policy is continued.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
A group of enthusiastic investors open brokerage accounts and decide to purchase either
stocks or bonds every trading day. The investors’ daily choice of assets can be modeled by a Markov chain:
75% of the investors who bought stocks today will buy stocks tomorrow, and 70% of the investors who
bought bonds today will buy bonds tomorrow.
(a) Write down the stochastic matrix corresponding to this Markov chain.
(b) In the long run, what proportion of the investors each trading day will buy bonds?
The day-to-day changes in weather for a certain part of the country form a Markov
process. Each day is sunny, cloudy, or rainy.
• If it is sunny one day, there is a 70% chance that it will be sunny the following
day, a 20% chance it will be cloudy, and a 10% chance of rain.
• If it is cloudy one day, there is a 30% chance it will be sunny the following day, a
50% chance it will be cloudy, and a 20% chance of rain.
• If it rains one day, there is a 60% chance that it will be sunny the following day,
a 20% chance that it will be cloudy and a 20% chance of rain.
At Suburban Community College, 40% of all business majors switched to another major the next semester, while the remaining 60% continued as business majors. Of all non-business majors, 20% switched to a business major the following semester, while the rest did not. Set up these data as a Markov transition matrix. (Let 1 = business majors, and 2 = non-business majors.)
calculate the probability that a business major will no longer be a business major in two semesters' time.
Chapter 7 Solutions
Mathematical Applications for the Management, Life, and Social Sciences
Ch. 7.1 - CHECKPOINT
1. If a coin is drawn from a box...Ch. 7.1 - CHECKPOINT
2. A ball will be drawn from a bag...Ch. 7.1 - CHECKPOINT
3. A coin is tossed, and a die is...Ch. 7.1 - 1. One ball is drawn at random from a bag...Ch. 7.1 - 2. One ball is drawn at random from a bag...Ch. 7.1 - 3. If you draw one card at random from a deck of...Ch. 7.1 - Prob. 4ECh. 7.1 - Prob. 5ECh. 7.1 - 6. A die is rolled. What is the probability...Ch. 7.1 - 7. An urn contains three red balls numbered 1, 2,...
Ch. 7.1 - 8. An urn contains three red balls numbered 1, 2,...Ch. 7.1 - 9. From a deck of 52 ordinary playing cards, one...Ch. 7.1 - 10. From a deck of 52 ordinary playing cards, one...Ch. 7.1 - 11. Suppose a fair coin is tossed two times....Ch. 7.1 - Prob. 12ECh. 7.1 - 13. Use Table 7.1 to determine the following...Ch. 7.1 - 14. (a) When a pair of distinguishable dice is...Ch. 7.1 - Prob. 15ECh. 7.1 - Prob. 16ECh. 7.1 - 17. Suppose a die is tossed 1200 times and a 6...Ch. 7.1 - 18. Suppose that a coin is tossed 3000 times and...Ch. 7.1 - Prob. 19ECh. 7.1 - Prob. 20ECh. 7.1 - 21. If the odds that a particular horse will win a...Ch. 7.1 - 22. If the odds that an event E will not occur are...Ch. 7.1 - Prob. 23ECh. 7.1 - Prob. 24ECh. 7.1 - 25. Car maintenance A car rental firm has 425...Ch. 7.1 - Prob. 26ECh. 7.1 - 27. Voting The table gives the average number of...Ch. 7.1 - Prob. 28ECh. 7.1 - 29. Sales promotion In a sales promotion, a...Ch. 7.1 - 30. Management A dry cleaning firm has 12...Ch. 7.1 - Prob. 31ECh. 7.1 - Prob. 32ECh. 7.1 - 33. Blood types Human blood is classified by blood...Ch. 7.1 - Prob. 34ECh. 7.1 - Prob. 35ECh. 7.1 - Prob. 36ECh. 7.1 - Prob. 37ECh. 7.1 - Prob. 38ECh. 7.1 - 39. Fraud A company selling substandard drugs to...Ch. 7.1 - Prob. 40ECh. 7.1 - Prob. 41ECh. 7.1 - Prob. 42ECh. 7.1 - Prob. 43ECh. 7.1 - 44. Quality control A supply of 500 plasma...Ch. 7.1 - Prob. 45ECh. 7.1 - Prob. 46ECh. 7.1 - Prob. 47ECh. 7.1 - 48. Quality control A computer store offers used...Ch. 7.1 - 49. Genetics A newly married couple plan to have...Ch. 7.1 - 50. Management A frustrated store manager is asked...Ch. 7.1 - Prob. 51ECh. 7.1 - Prob. 52ECh. 7.1 - Prob. 53ECh. 7.1 - Prob. 54ECh. 7.1 - Prob. 55ECh. 7.1 - Prob. 56ECh. 7.1 - Prob. 57ECh. 7.1 - Prob. 58ECh. 7.1 - Prob. 59ECh. 7.1 - Prob. 60ECh. 7.1 - Prob. 61ECh. 7.1 - Prob. 62ECh. 7.1 - Prob. 63ECh. 7.1 - 64. Ice cream The odds of an American home having...Ch. 7.1 - Prob. 65ECh. 7.1 - 66. Rain If the probability of rain today is ,...Ch. 7.1 - Prob. 68ECh. 7.2 - CHECKPOINT
1. If a ball is drawn from a bag...Ch. 7.2 - Prob. 2CPCh. 7.2 - Prob. 1ECh. 7.2 - Prob. 2ECh. 7.2 - In Problems 1-4, one card is drawn from a deck of...Ch. 7.2 - Prob. 4ECh. 7.2 - 5. An ordinary die is tossed. What is the...Ch. 7.2 - 6. A card is drawn at random from a deck of 52...Ch. 7.2 - 7. If the probability that event E will occur is...Ch. 7.2 - Prob. 8ECh. 7.2 - In Problems 9-12, one ball is drawn from a bag...Ch. 7.2 - In Problems 9-12, one ball is drawn from a bag...Ch. 7.2 - Prob. 11ECh. 7.2 - In Problems 9-12, one ball is drawn from a bag...Ch. 7.2 - 13. Suppose a die is biased (unfair) so that each...Ch. 7.2 - Prob. 14ECh. 7.2 - 15. A bag contains 4 white, 7 black, and 6 green...Ch. 7.2 - 16. In a game where only one player can win, the...Ch. 7.2 - 17. A cube has 2 faces painted red, 2 painted...Ch. 7.2 - Prob. 18ECh. 7.2 - 19. A ball is drawn from a bag containing 13 red...Ch. 7.2 - 20. A ball is drawn from a bag containing 13 red...Ch. 7.2 - 21. Drug use Forty-six percent of marijuana use...Ch. 7.2 - 22. Breast cancer According to the American Cancer...Ch. 7.2 - 23. Car maintenance A car rental firm has 425...Ch. 7.2 - 25. Linguistics Of 100 students, 24 can speak...Ch. 7.2 - 25. Linguistics Of 100 students, 24 can speak...Ch. 7.2 - 26. Management A company employs 65 people. Eight...Ch. 7.2 - Prob. 27ECh. 7.2 - 28. Mountain biking Rob Lee knows that he can...Ch. 7.2 - 29. Salaries The table gives the percent of...Ch. 7.2 - Prob. 30ECh. 7.2 - 31. Workers The table gives the projected number...Ch. 7.2 - 32. Causes of death In the United States in 2014,...Ch. 7.2 - 33. HIV cases The table gives the numbers of new...Ch. 7.2 - Prob. 34ECh. 7.2 - Prob. 35ECh. 7.2 - Prob. 36ECh. 7.2 - 37. Education A mathematics class consists of
16...Ch. 7.2 - 38. Parts delivery Repairing a copy machine...Ch. 7.2 - Oil drilling The table summarizes the opinions of...Ch. 7.2 - Prob. 40ECh. 7.2 - Prob. 41ECh. 7.2 - Prob. 42ECh. 7.2 - 43. Drinking age A survey questioned 1000 people...Ch. 7.2 - 44. Job bids Three construction companies have bid...Ch. 7.2 - Prob. 45ECh. 7.2 - Prob. 46ECh. 7.2 - Prob. 47ECh. 7.2 - Prob. 48ECh. 7.3 - CHECKPOINT
1. Suppose that one ball is drawn from...Ch. 7.3 - Prob. 2CPCh. 7.3 - CHECKPOINT
3. Two balls are drawn with replacement...Ch. 7.3 - 1. A card is drawn from a deck of 52 playing...Ch. 7.3 - Prob. 2ECh. 7.3 - 3. A die has been “loaded so that the probability...Ch. 7.3 - 4. A die has been “loaded” so that the probability...Ch. 7.3 - 5. A bag contains 9 red balls numbered 1, 2, 3, 4,...Ch. 7.3 - Prob. 6ECh. 7.3 - 7. A bag contains 4 red balls and 6 white balls....Ch. 7.3 - 8. A fair die is rolled. Find the probability that...Ch. 7.3 - 9. A fair coin is tossed 3 times. Find the...Ch. 7.3 - 10. A fair coin is tossed 14 times. What is the...Ch. 7.3 - 11. A die is thrown twice. What is the probability...Ch. 7.3 - Prob. 12ECh. 7.3 - Prob. 13ECh. 7.3 - Prob. 14ECh. 7.3 - 15. (a) A box contains 3 red balls, 2 white balls,...Ch. 7.3 - Prob. 16ECh. 7.3 - 17. Two balls are drawn from a bag containing 3...Ch. 7.3 - Prob. 18ECh. 7.3 - 19. A bag contains 9 nickels, 4 dimes, and 5...Ch. 7.3 - Prob. 20ECh. 7.3 - 21. A red ball and 4 white balls are in a box. If...Ch. 7.3 - 22. From a deck of 52 playing cards, two cards are...Ch. 7.3 - 23. One card is drawn at random from a deck of 52...Ch. 7.3 - Prob. 24ECh. 7.3 - 25. Two balls are drawn without replacement from a...Ch. 7.3 - Prob. 26ECh. 7.3 - Prob. 27ECh. 7.3 - Prob. 28ECh. 7.3 - Carbon emissions The table gives the results of a...Ch. 7.3 - Prob. 30ECh. 7.3 - Oil drilling Suppose the table summarizes the...Ch. 7.3 - Oil drilling Suppose the table summarizes the...Ch. 7.3 - Oil drilling Suppose the table summarizes the...Ch. 7.3 - Oil drilling Suppose the table summarizes the...Ch. 7.3 - Oil drilling Suppose the table summarizes the...Ch. 7.3 - Oil drilling Suppose the table summarizes the...Ch. 7.3 - Oil drilling Suppose the table summarizes the...Ch. 7.3 - Oil drilling Suppose the table summarizes the...Ch. 7.3 - Prob. 39ECh. 7.3 - Prob. 40ECh. 7.3 - Prob. 41ECh. 7.3 - Prob. 42ECh. 7.3 - 43. Quality control Each computer component that...Ch. 7.3 - Prob. 44ECh. 7.3 - 45. Lactose intolerance Lactose intolerance...Ch. 7.3 - 46. Quality control If 3% of all light bulbs a...Ch. 7.3 - 47. Quality control To test its shotgun shells, a...Ch. 7.3 - Prob. 48ECh. 7.3 - Prob. 49ECh. 7.3 - Prob. 50ECh. 7.3 - Prob. 51ECh. 7.3 - Prob. 52ECh. 7.3 - 53. Maintenance Twenty-three percent of the cars...Ch. 7.3 - Prob. 54ECh. 7.3 - 55. Testing An unprepared student must take a...Ch. 7.3 - Prob. 56ECh. 7.3 - Prob. 57ECh. 7.3 - 58. Racing Suppose that the odds that Blackjack...Ch. 7.3 - Prob. 59ECh. 7.3 - Prob. 60ECh. 7.3 - Prob. 61ECh. 7.3 - 62. Crime In an actual case.’ probability was used...Ch. 7.4 - CHECKPOINT
1. Urn I contains 3 gold coins, urn II...Ch. 7.4 - Prob. 2CPCh. 7.4 - In Problems 1-12, use probability trees to find...Ch. 7.4 - Prob. 2ECh. 7.4 - In Problems 1-12, use probability trees to find...Ch. 7.4 - Prob. 4ECh. 7.4 - In Problems 1-12, use probability trees to find...Ch. 7.4 - Prob. 6ECh. 7.4 - In Problems 1-12, use probability trees to find...Ch. 7.4 - In Problems 1-12, use probability trees to find...Ch. 7.4 - Prob. 9ECh. 7.4 - Prob. 10ECh. 7.4 - In Problems 1-12, use probability trees to find...Ch. 7.4 - In Problems 1-12, use probability trees to find...Ch. 7.4 - In Problems 13-16, use (a) a probability tree and...Ch. 7.4 - Prob. 14ECh. 7.4 - In Problems 13-16, use (a) a probability tree and...Ch. 7.4 - In Problems 13-16, use (a) a probability tree and...Ch. 7.4 - 17. Lactose intolerance Lactose intolerance...Ch. 7.4 - 18. Genetics What is the probability that a couple...Ch. 7.4 - 19. Marksmanship Suppose that a marksman hits the...Ch. 7.4 - 20. Majors In a random survey of students...Ch. 7.4 - 21. Quality control Suppose a box contains 3...Ch. 7.4 - 22. Education The probability that an individual...Ch. 7.4 - 23. Alcoholism A small town has 8000 adult males...Ch. 7.4 - Prob. 24ECh. 7.4 - Prob. 25ECh. 7.4 - 26. Insurance rates Ideally, auto insurance rates...Ch. 7.4 - 27. Pregnancy test A self-administered pregnancy...Ch. 7.4 - Prob. 28ECh. 7.4 - 29. Survey In a Student Activity Participation...Ch. 7.4 - Prob. 30ECh. 7.5 - CHECKPOINT
1. If a state permits either a letter...Ch. 7.5 - Prob. 2CPCh. 7.5 - Prob. 3CPCh. 7.5 - Prob. 4CPCh. 7.5 - Prob. 5CPCh. 7.5 - 1. Compute .
Ch. 7.5 - Prob. 2ECh. 7.5 - 3. Compute .
Ch. 7.5 - 4. Compute .
Ch. 7.5 - 5. Compute .
Ch. 7.5 - Prob. 6ECh. 7.5 - 7. How many four-digit numbers can be formed from...Ch. 7.5 - Prob. 8ECh. 7.5 - 9. Compute .
Ch. 7.5 - Prob. 10ECh. 7.5 - Prob. 11ECh. 7.5 - Prob. 12ECh. 7.5 - Prob. 13ECh. 7.5 - Prob. 14ECh. 7.5 - 15. Compute .
Ch. 7.5 - 16. Compute .
Ch. 7.5 - 17. Compute .
Ch. 7.5 - Prob. 18ECh. 7.5 - 19. Compute .
Ch. 7.5 - Prob. 20ECh. 7.5 - Prob. 21ECh. 7.5 - Prob. 22ECh. 7.5 - 23. Binz, not Benz Mercedes Benz E-Class sedans...Ch. 7.5 - 24. Ice cream cones Baskin-Robbins’logo includes...Ch. 7.5 - Prob. 25ECh. 7.5 - 26. Menu selections A restaurant has an early...Ch. 7.5 - Prob. 27ECh. 7.5 - 28. Racing Eight horses are entered in a race. In...Ch. 7.5 - Prob. 29ECh. 7.5 - 30. Testing An examination consists of 12...Ch. 7.5 - Prob. 31ECh. 7.5 - Prob. 32ECh. 7.5 - 33. Management A department store manager wants to...Ch. 7.5 - 34. Call letters The call letters for radio...Ch. 7.5 - Prob. 35ECh. 7.5 - 36. Testing How many ways can a 10-question...Ch. 7.5 - Prob. 37ECh. 7.5 - Prob. 38ECh. 7.5 - Prob. 39ECh. 7.5 - 40. Astronauts If 8 people are qualified for the...Ch. 7.5 - 41. Sales A traveling salesperson has 30 products...Ch. 7.5 - Prob. 42ECh. 7.5 - Prob. 43ECh. 7.5 - Prob. 44ECh. 7.5 - Prob. 45ECh. 7.5 - Prob. 46ECh. 7.5 - 47. Committees In how many ways can a committee...Ch. 7.5 - Prob. 48ECh. 7.5 - Prob. 49ECh. 7.5 - 50. Auto dealerships An auto dealer has 4 cars, 2...Ch. 7.6 - CHECKPOINT
1. If three wires (red, black, and...Ch. 7.6 - Prob. 2CPCh. 7.6 - 1. Education If a child is given cards with A, C,...Ch. 7.6 - Prob. 2ECh. 7.6 - Politics A poll asks voters to rank Social...Ch. 7.6 - 4. Photography Two men and a woman are lined up to...Ch. 7.6 - 5. License plates Suppose that all license plates...Ch. 7.6 - Prob. 6ECh. 7.6 - 7. ATMs
(a) An automatic teller machine requires...Ch. 7.6 - 8. Keys Keys for antique General Motors cars had...Ch. 7.6 - 9. Phone numbers If the first digit of a...Ch. 7.6 - Prob. 10ECh. 7.6 - 11. Rewards As a reward for a record year, the Ace...Ch. 7.6 - 12. Mutual funds The retirement plan for a company...Ch. 7.6 - 13. Testing In a 10-question matching test with 10...Ch. 7.6 - Prob. 14ECh. 7.6 - 15. Quality control A box of 12 batteries has 3...Ch. 7.6 - 16. Quality control Suppose that 6 batteries are...Ch. 7.6 - 17. Quality control A retailer purchases 100 of a...Ch. 7.6 - Prob. 18ECh. 7.6 - 19. Banking To see whether a bank has enough...Ch. 7.6 - 20. Diversity A high school principal must select...Ch. 7.6 - 21. Diversity Suppose that an employer plans to...Ch. 7.6 - 22. Lottery Four men and three women are...Ch. 7.6 - Prob. 23ECh. 7.6 - 24. Sales A car dealer has 12 different cars that...Ch. 7.6 - 25. Diversity Suppose that two openings on an...Ch. 7.6 - Prob. 26ECh. 7.6 - 27. Management Suppose that an indecisive company...Ch. 7.6 - 28. Quality control Suppose that 10 computer chips...Ch. 7.6 - Prob. 29ECh. 7.6 - Prob. 30ECh. 7.6 - Prob. 31ECh. 7.6 - 32. Evaluation Employees of a firm receive annual...Ch. 7.6 - Prob. 33ECh. 7.6 - Prob. 34ECh. 7.6 - 35. Poker A flush (5 cards from the same suit) is...Ch. 7.6 - Prob. 36ECh. 7.6 - Prob. 37ECh. 7.7 - Prob. 1CPCh. 7.7 - Can the vectors in Problems 1-4 be probability...Ch. 7.7 - Prob. 2ECh. 7.7 - Can the vectors in Problems 1-4 be probability...Ch. 7.7 - Can the vectors in Problems 1-4 be probability...Ch. 7.7 - Prob. 5ECh. 7.7 - Prob. 6ECh. 7.7 - Prob. 7ECh. 7.7 - Prob. 8ECh. 7.7 - In Problems 9-12, use the given transition matrix...Ch. 7.7 - Prob. 10ECh. 7.7 - Prob. 11ECh. 7.7 - Prob. 12ECh. 7.7 - Prob. 13ECh. 7.7 - Prob. 14ECh. 7.7 - 15. Use the matrix and initial probability vector...Ch. 7.7 - Prob. 16ECh. 7.7 - In Problems 17-20, find the steady-state vector...Ch. 7.7 - Prob. 18ECh. 7.7 - Prob. 19ECh. 7.7 - Prob. 20ECh. 7.7 - Politics Use the following information for...Ch. 7.7 - Prob. 22ECh. 7.7 - Church attendance Use the following information...Ch. 7.7 - Church attendance Use the following information...Ch. 7.7 - Church attendance Use the following information...Ch. 7.7 - Prob. 26ECh. 7.7 - Car selection Use the following information for...Ch. 7.7 - Prob. 28ECh. 7.7 - Prob. 29ECh. 7.7 - Prob. 30ECh. 7.7 - Prob. 31ECh. 7.7 - Car selection Use the following information for...Ch. 7.7 - 33. Population demographics Suppose a government...Ch. 7.7 - Prob. 34ECh. 7.7 - Prob. 35ECh. 7.7 - Prob. 36ECh. 7.7 - Prob. 37ECh. 7.7 - Prob. 38ECh. 7.7 - Prob. 39ECh. 7.7 - Prob. 40ECh. 7 - 1. If one ball is drawn from a bag containing 9...Ch. 7 - 2. Suppose a ball is drawn from a bag containing 9...Ch. 7 - 3. If the probability that an event E occurs is...Ch. 7 - 4. Suppose that a fair coin is tossed two times....Ch. 7 - 5. Suppose that a fair coin is tossed three times....Ch. 7 - 6. A card is drawn at random from an ordinary deck...Ch. 7 - 7. A deck of 52 cards is shuffled. A card is...Ch. 7 - Prob. 8RECh. 7 - Prob. 9RECh. 7 - Prob. 10RECh. 7 - 11. A bag contains 4 red balls numbered 1, 2, 3, 4...Ch. 7 - 12. A bag contains 4 red balls and 3 black balls....Ch. 7 - 13. A box contains 2 red balls and 3 black balls....Ch. 7 - Prob. 14RECh. 7 - 15. A bag contains 8 white balls, 5 red balls, and...Ch. 7 - Prob. 16RECh. 7 - Prob. 17RECh. 7 - Prob. 18RECh. 7 - 19. Bag A contains 3 red, 6 black, and 5 white...Ch. 7 - Prob. 20RECh. 7 - Prob. 21RECh. 7 - Prob. 22RECh. 7 - 23. How many combinations of 8 things taken 5 at a...Ch. 7 - Prob. 24RECh. 7 - Prob. 25RECh. 7 - 26. Find the steady-state vector associated with...Ch. 7 - 27. Senior citizens In a certain city, 30,000...Ch. 7 - Prob. 28RECh. 7 - 29. United Nations Of 100 job applicants to the...Ch. 7 - Prob. 30RECh. 7 - Prob. 31RECh. 7 - Productivity Suppose that in a study of leadership...Ch. 7 - 33. Quality control A product must pass an initial...Ch. 7 - 34. Auto styles A certain make of car comes with...Ch. 7 - Prob. 35RECh. 7 - 36. Purchasing A regional survey found that of...Ch. 7 - 37. Quality control In a manufacturing process...Ch. 7 - 38. Management A personnel director ranks 4...Ch. 7 - Prob. 39RECh. 7 - Prob. 40RECh. 7 - Prob. 41RECh. 7 - 42. Juries A jury will be deadlocked if one or...Ch. 7 - 43. License plates The RBC Heritage Classic...Ch. 7 - Prob. 44RECh. 7 - Prob. 45RECh. 7 - Prob. 46RECh. 7 - 47. Lottery If a person “boxes” (see Problem 46) a...Ch. 7 - 48. Quality control A supplier has 200 compact...Ch. 7 - 49. Stocks Mr. Way must sell stocks from 3 of the...Ch. 7 - 50. Quality control A sample of 6 fuses is drawn...Ch. 7 - Income levels Use the following information for...Ch. 7 - Prob. 52RECh. 7 - Prob. 1TCh. 7 - Prob. 2TCh. 7 - A bag contains three white balls numbered 1, 2, 3...Ch. 7 - A bag contains three white balls numbered 1, 2, 3...Ch. 7 - A bag contains three white balls numbered 1, 2, 3...Ch. 7 - Prob. 6TCh. 7 - Prob. 7TCh. 7 - Prob. 8TCh. 7 - Prob. 9TCh. 7 - 10. A cat hits the letters on a computer keyboard...Ch. 7 - Prob. 11TCh. 7 - Prob. 12TCh. 7 - Prob. 13TCh. 7 - Prob. 14TCh. 7 - Prob. 15TCh. 7 - 16. Computer chips come from two suppliers, with ...Ch. 7 - 17. A placement test is given by a university to...Ch. 7 - 18. Lactose intolerance affects about of...Ch. 7 - Prob. 19TCh. 7 - Prob. 20TCh. 7 - Prob. 21TCh. 7 - 22. A publishing company has determined that a new...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.Similar questions
- A bus containing 100 gamblers arrives in Las Vegas on a Monday morning. The gamblers play only poker or blackjack, and never change games during the day. The gamblers' daily choice of game can be modeled by a Markov chain: 95% of the gamblers playing poker today will play poker tomorrow, and 80% of the gamblers playing blackjack today will play blackjack tomorrow. (a) Write down the stochastic (Markov) matrix corresponding to this Markov chain. (b) If 60 gamblers play poker on Monday, how many gamblers play blackjack on Tuesday? (c) Find the unique steady-state vector for the Markov matrix in part (a).arrow_forwardCentral theme: Markov chainsA supermarket chain sells Alfa and Beta brand bread. Currently, Alfa has 50% of the chain's daily bread sales.of the chain's daily bread sales. To increase sales, Alfa launches a new advertising campaign. The bakerybelieves that the change in bread sales in the chain will be based on the transition matrix: A) In the long run, by what percentage can alpha expect to increase its current sales in the chain? Assumethat total daily sales of bread remain constant.arrow_forwardA certain television show airs weekly. Each time it airs, its ratings are categorized as "high," "average," or "low," and transitions between these categorizations each week behave like a Markov chain. If the ratings are high this week, they will be high, average, or low next week with probabilities 40%, 10%, and 50% respectively. If the ratings are average this week, they will be high, average, or low next week with probabilities 60%, 20%, and 20% respectively. If the ratings are low this week, they will be high, average, or low next week with probabilities 70%, 20%, and 10% respectively. Write all answers as integers or decimals. If the ratings are average this week, what is the probability that they will be low two weeks from now? If the ratings are average the first week, what is the probability that they will be low the second week? If the ratings are low the first week, what is the probability that they will be high the third week?arrow_forward
- A major long-distance telephone company (company A) has studied the tendency of telephone users to switch from one carrier to another. The company believes that over successive six-month periods, the probability that a customer who uses A's service will switch to a competing service is 0.2 and the probability that a customer of any competing service will switch to A is 0.3. (a) Find a transition matrix for this situation. (b) If A presently controls 60% of the market, what percentage can it expect to control six months from now? (c) What percentage of the market can A expect to control in the long run? (a) Find a transition matrix for this situation. Let "Comp" stand for "a competing service." A Comp A Comp (Type integers or decimals.) (b) If A presently controls 60% of the market, what percentage can it expect to control six months from now? Company A can expect to control % of the market six months from now. (c) What percentage of the market can A expect to control in the long run?…arrow_forward2. The day-to-day changes in weather for a certain part of the country form a Markov process. Each day is sunny, cloudy, or rainy. • If it is sunny one day, there is a 70% chance that it will be sunny the following day, a 20% chance it will be cloudy, and a 10% chance of rain. • If it is cloudy one day, there is a 30% chance it will be sunny the following day, a 50% chance it will be cloudy, and a 20% chance of rain. • If it rains one day, there is a 60% chance that it will be sunny the following day, a 20% chance that it will be cloudy and a 20% chance of rain. (a) Create a transition diagram that describes this scenario. (b) Create a stochastic matrix that describes this scenario. Is this scenario ergodic or absorbing? Explain. (c) Suppose that today, there is a 42% chance of sun, 38% chance of clouds, and 20% chance of rain. Using matrix multiplication, predict the weather tomorrow, next Thursday (in 7 days), and in two weeks (in 14 days). (d) Find the eigenvalues and eigenvectors…arrow_forward1. Abigail spends her entire weekly allowance on either candy or toys. If she buys candy one week, she is 60% sure to buy toys the next week. The probability that she buys toys in two successive weeks is 25%. (a) Create a transition diagram that describes this scenario. (b) Create a transition matrix that describes this scenario. Is this scenario ergodic or absorbing? Explain. (c) Suppose that this week, Abigail spends all of her money (100%) on candy. Using matrix multiplication, predict the probability that Abigail buys toys or candy next week, the following week, and three weeks from now. (d) Find the eigenvalues and eigenvectors for this transition matrix. (e) In the long run, what is the probability that Abigail will spend her money on toys? Explain.arrow_forward
- In an office complex of 1000 employees, on any given day some are at work and the rest are absent. It is known that if an employee is at work today, there is an 85% chance that she will be at work tomorrow, and if the employee is absent today, there is a 70% chance that she will be absent tomorrow. Suppose that today there are 740 employees at work. (A graphing calculator is recommended.) (a) Find the transition matrix A for this scenario. at work absent A = (b) Predict the number that will be at work five days from now. (Round your answer to the nearest integer.) employees (c) Find the steady-state vector x. (Round your answer to two decimal places.)arrow_forwardZD In Smalltown, 90% of all sunny days are followed by sunny days, and 80% of all cloudy days are followed by cloudy days. Use this information to model Smalltown's weather as a Markov chain.arrow_forwardCan someone please help me with this question. I am having so much trouble.arrow_forward
- At Suburban Community College, 30% of all business majors switched to another major the next semester, while the remaining 70% continued as business majors. Of all non-business majors, 10% switched to a business major the following semester, while the rest did not. Set up these data as a Markov transition matrix. HINT [See Example 1.] (Let 1 business majors, and 2 = non-business majors.) = Calculate the probability that a business major will no longer be a business major in two semesters' time.arrow_forwardThe credit - worthiness of debt issued by companies is assessed at the end of each year by a credit rating agency. The ratings are A ( the most credit - worthy), B and ( debt defaulted). Historic evidence supports the view that the credit rating can be modelled as a Markov chain with one- year transition matrix: p= [0.92 0.05 0.03 0.05 0.85 0.1 0 0 1 Determine the probability that a company currently rated A will never be rated B in the futurearrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Elementary Linear Algebra (MindTap Course List)AlgebraISBN:9781305658004Author:Ron LarsonPublisher:Cengage Learning
Elementary Linear Algebra (MindTap Course List)
Algebra
ISBN:9781305658004
Author:Ron Larson
Publisher:Cengage Learning
Finite Math: Markov Chain Example - The Gambler's Ruin; Author: Brandon Foltz;https://www.youtube.com/watch?v=afIhgiHVnj0;License: Standard YouTube License, CC-BY
Introduction: MARKOV PROCESS And MARKOV CHAINS // Short Lecture // Linear Algebra; Author: AfterMath;https://www.youtube.com/watch?v=qK-PUTuUSpw;License: Standard Youtube License
Stochastic process and Markov Chain Model | Transition Probability Matrix (TPM); Author: Dr. Harish Garg;https://www.youtube.com/watch?v=sb4jo4P4ZLI;License: Standard YouTube License, CC-BY