An individual has three umbrellas, some at his office, and some at home. If he is...

An individual has three umbrellas, some at his office, and some at home. If he is leaving home in the morning (or leaving work at night) and it is raining, he will take an umbrella, if there is one there. Otherwise, he gets wet. Assume that, independent of the past, it rains on each trip with probability 0.2. To formulate a Markov chain, let Xn be the number of umbrellas at his current location “before” he starts his n-th trip. Note that “current location” can either be home or office, depending on whether the trip is from home to office or vice versa. Find the transition probabilities of this Markov chain

Expert Solution

Colby Messinger answered 3 months ago

An individual possesses r umbrellas that he employs in going from his home to office, and...

An individual possesses r umbrellas that he employs in going from his home to office, and vice versa. If he is at home (the office) at the beginning (end) of a day and it is raining, then he will take an umbrella with him to the office (home), provided there is one to be taken. If it is not raining, then he never takes an umbrella. Assume that, independent of the past, it rains at the beginning (end) of a...

An individual possesses 5 umbrellas which he employs in going from his home to the office,...

An individual possesses 5 umbrellas which he employs in going from his home to the office, and vice versa. If he is at home at the beginning of a day and it is raining, then he will take an umbrella with him to the office provided there is one to be taken. Similarly, if he is at the office and at the end of a day it is raining, he will take one to go home (provided there is one...

William purchased a home three weeks ago for $600,000. He insured his home for $400,000. His...

William purchased a home three weeks ago for $600,000. He insured his home for $400,000. His home insurance policy includes: • 80% coinsurance clause • 100% guaranteed replacement cost clause. While installing a new washing machine there was an explosion, which resulted in damages of $250,000. Calculate how much he will be paid from his insurance company using: The 80% coinsurance clause? /3 marks The 100% guaranteed replacement cost clause? /3 marks

Mohad uses the second floor of his home exclusively as a home office for his unincorporated...

Mohad uses the second floor of his home exclusively as a home office for his unincorporated business and does not have another place of work. The space of the second floor is 1,000 square feet, while the total space of his home is 4,000 square feet. In the current taxation year, his business had $10,000 of income before home office expense and he incurred the following expenses relating to his home: Utilities and repairs $6,000 Home insurance and property taxes...

5. Home-office deduction - Chad works for his employer 100% of the time from his home...

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A lawyer travels daily from his home (in the suburbs) to his office in the city...

A lawyer travels daily from his home (in the suburbs) to his office in the city center. On average, the journey takes 24 minutes with a standard deviation of 3.8 minutes. Assume that the distribution of transfer times are normally distributed. if the office opens at 9:00 a.m. and he leaves at 8:45 a.m. What percentage of the time are you late to work daily? If you leave home at 8:35 a.m. and coffee is served in the office between...

Dave is under a lot of stress at his job and at home. Lately, he has...

Dave is under a lot of stress at his job and at home. Lately, he has begun to feel discomfort and a burning sensation in his abdomen following each meal. After consulting a doctor, he finds that he has developed a duodenal ulcer. He does not understand how being nervous would cause an ulcer. Explain the cause and effect in his case.

The driving time for an individual from his home to his work is uniformly distributed between...

The driving time for an individual from his home to his work is uniformly distributed between 300 to 540 seconds. a. Determine the first line of the probability density function. b. What is the probability that the driving time will be less than or equal to 405 seconds? c. What is the expected driving time? d. What is the variance for this distribution? e. What is the standard deviation for this distribution?

Stacey has worked for lawyer Larry for the last five years in his home office. Stacey...

Stacey has worked for lawyer Larry for the last five years in his home office. Stacey does everything for Larry – receptionist, bookkeeper, secretary, paralegal, coffee girl, and sometimes even taking his laundry to the cleaners. Stacey is smart and very good with people, and indispensable to Larry’s business. He sometimes took her to networking functions where she mixed and mingled with potential clients and talked up her boss. Since the economic downturn, some of Larry’s clients have gone out...

Billy rented his vacation home during the year for three monts and he spent one month...

Billy rented his vacation home during the year for three monts and he spent one month there (assume 30 day months). Gross rental income from the property was $6,500. Billy incurred the following expenses: Mortgage interest $3,000; real estate taxes $1,500; utilitities $600; repairs $1,800; depreciation $4,000 Assume you are a tax accountant and calculate for Billy what he needs to report on his tax return. Please show your entire calculation

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