Mathematics, 06.07.2021 21:30 emmer321s
The change in the size of businesses in a city from one year to the next could be described by a Markov chain. The businesses are classified into three categories based on​ size: small (2-10 employees), medium (11-43) and large (44+). The transition matrix for a​ 1-year period is given below. If these trends​ continue, what percent of the business will be​ small, medium, or large in the long​ run?
small medium large
small 0.9203 0.0794 0.0003
medium 0.0459 0.8957 0.0584
large 0.0004 0.0308 0.9688
a. The percentage of small businesses is:
b. The percentage of medium businesses is:
c. The percentage of large businesses is:
Answers: 3
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