The following data consists of a matrix of transition probabilities (P)of Accounting, Economics, Finance, and Management and the count of students in each major.Assume that each state represents a major and the transition probabilities represent changes from one major to the next after taking the introductory class in each discipline.
P = π(0)= (600, 50, 200, 250)
Determine the number of majors in each discipline once steady state has been achieved.

Question

The following data consists of a matrix of transition probabilities (P)of Accounting, Economics, Finance, and Management and the count of students in each major.Assume that each state represents a major and the transition probabilities represent changes from one major to the next after taking the introductory class in each discipline.
P =  π(0)= (600, 50, 200, 250)
Determine the number of majors in each discipline once steady state has been achieved.

Quizplus · Accepted Answer

The Answer of The following data consists of a matrix of transition probabilities (P)of Accounting, Economics, Finance, and Management and the count of students in each major.Assume that each state represents a major and the transition probabilities represent changes from one major to the next after taking the introductory class in each discipline.
P =  π(0)= (600, 50, 200, 250)
Determine the number of majors in each discipline once steady state has been achieved.

The Following Data Consists of a Matrix of Transition Probabilities