A problem is classified as Markov chain provided
A) There are finite number of possible states
B) States are collectively exhaustive & mutually exclusive
C) Long-run probabilities of being in a particular state will be constant over time
D) All of the above
Correct Answer:
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Q9: State transition probabilities in the Markov chain
Q10: If a matrix of transition probability is
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Q15: The transition matrix elements remain positive from
Q16: Markov analysis is useful for:
A) Predicting the
Q17: Which of the following is not one
Q18: An advantage of simulation as opposed to
Q19: The purpose of using simulation technique is
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