Redo exercises 21 through 23 in section 8.2 of your textbook, about the three types of employment in a small town, using the following data: EmploymentEmploymentLast YearThis YearPercentageIndustryIndustry60Small Business10Self-Employed30Small BusinessIndustry10Small Business40Self-Employed50Self-EmployedIndustry20Small Business20Self-Employed60Assume that state 1 is Industry, that state 2 is Small Business, and that state 3 is Self-Employed.(Note: Express your answers as decimal fractions rounded to 4 decimal places (if they have more than 4 decimal places).) (1) Find the transition matrix for this Markov process.P =(2) Find the two-step transition matrix P(2):P(2) =(3) What is the probability that an individual employed in industry at one time is employed in small business 2 years later?(4) If an individual is self-employed this year, what is her most likely employment status 2 years from now? (Give the number of the state ratherthan its description in words.) (If there is more than one such state, which is the first one.)(5) If an individual would like to be self-employed 2 years from now, what current employment status would give here the greatest likelihood ofachieving her goal? (Give the number of the state rather than its description in words.) (If there is more than one such state, which is the firstone.)

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Answered: Redo exercises 21 through 23 in section…

Redo exercises 21 through 23 in section 8.2 of your textbook, about the three types of employment in a small town, using the following data:

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section10.2: Arithmetic Sequences

Problem 51E

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