Answer to Question #173055 in Statistics and Probability for Shin Chan

Question

A recent survey showed that 60 percent of the population own some kind of microcomputer and 40 percent do not. Market experts predict that in a year 10 percent of the non owners will become owners, and 1/100 of one percent of the owners will become nonowners.

a) What are the transition matrix of owners and nonowners for next year?

b) What is the predicted steady state for the next year?

Answer 1

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