What is the transition matrix for this problem

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Reference no: EM13181858

A forest consist of two types of trees: those that are 0-5 feet tall and those that are taller than 5 feet. Each year, 40% of all 0-5 feet tall trees die, 10% are sold for $20 each, 30% stay between 0-5 feet tall, and 20% grow to be more than 5 feet tall. Each year, 50% of all trees taller than 5 feet are sold for $50, 20% are sold for $30, and 30% remain in the forest.

a. What is the transition matrix for this problem
b. What is the probability that a 0-5 feet tall tree will die before being sold?
c. If a tree (less than 5 feet tall) is planted, what is the expected revenue earned from that tree?

Reference no: EM13181858

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