(i) If volume is high this week, then next week it will be high with a...

(i) If volume is high this week, then next week it will be high with a probability of 0.9 and low with a probability of 0.1.
(ii) If volume is low this week then it will be high next week with a probability of 0.4.

Assume that state 1 is high volume and that state 2 is low volume.

(1) Find the transition matrix for this Markov process.

P =

[.9 .1]

[.4 .6]

What is the probability that volume will be high for three consecutive weeks?

Expert Solution

orchestra answered 1 year ago

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