Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. assume workers transition through the labor force

Assume workers transition through the labor force independently with the transitions following a homogeneous Markov chain with...

70.2K

Verified Solution

Question

Statistics

Assume workers transition through the labor forceindependently with the
transitions following a homogeneous Markov chain with threestates:
• Employed full-time
• Employed part-time
• Unemployed
The transition matrix is:


0.90 0.07 0.03
0.05 0.80 0.15
0.15 0.15 0.70

.
• Worker Y is currently employed full-time
• Worker Z is currently employed part-time
Find the probability that either Y or Z, but not both will beunemployed after two transitions.

Answer & Explanation Solved by verified expert
3.7 Ratings (412 Votes)
Let 012 repectively denote the transition states Employedfulltime Employed parttime and UmemployedDefine state of worker Y at time t and state    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Can someone please explain in simple terms 1. the impact of compounding frequency and 2. the difference...

Chemistry
1.2K views

A 0.100 M solution of a weak base has a pH of 9.95. What is...

Biology
1.2K views

Experimental Inquiry What Can You Learn About the Process of Science from Investigating a Cricket...

Physics
1.2K views

D Consider a system of two particles having masses m and m If the particle...

Geometry
1.2K views

Change Determine the Percent Change Relative Change for each of the following Express each answer...

Basic Math
1.2K views

individual is 43 years old At the end of each month he deposits 260 in...

Calculus
1.2K views

2 Evaluate Assume u 0 when in u appears X 5x 3 dx O A...

Calculus
1.2K views

Differentiate f x f x 6w w 3 2 W ax b CX d co...

Accounting
1.2K views

Practice Question 18 How many closing...

Accounting
1.2K views

Bellingham Company produces a product that requires 3 standard direct labor hours per unit at...

Accounting
1.2K views

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales...

Finance
1.2K views

Walker, Inc., is an all-equity firm. The cost of the company's equity is currently 11.7...