Prepare the matrix of transition probabilities

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Reference no: EM131128419

Data collected from selected major metropolitan areas in the eastern United States show that 2% of individuals living within the city limits move to the suburbs during a one-year period, while 1% of individuals living in the suburbs move to the city during a one-year period. Answer the following questions assuming that this process is modeled by a Markov process with two states: city and suburbs.

Prepare the matrix of transition probabilities.

Compute the steady-state probabilities.

In a particular metropolitan area, 40% of the population lives in the city, and 60% of the population lives in the suburbs. What population changes do your steady-state probabilities project for this metropolitan area?

Reference no: EM131128419

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