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Problem regarding the steady state probabilities

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Reference no: EM131086245

One half of a country's population lives in the city and one half in the suburbs. There is an80% chance that a suburban resident will remain in the suburbs and a 20% chance that he orshe will move to the city within the next month. A city dweller has a 60% chance of staying inthe city and 40% moving to the suburbs.

Determine:

a) The percentage of the population in the suburb and the city one and two months fromnow.

b) The steady state probabilities.

Reference no: EM131086245

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