While calculating equilibrium probabilities for a Markov process, it is assumed that

Related MCQs

• The following data consists of a matrix of transition probabilities (P) of three competing companies, the initial market share state 16_10.gif(1), and the equilibrium probability states. Assume that each state represents a firm (Company 1, Company 2, and Company 3, respectively) and the transition probabilities represent changes from one month to the next. The market share of Company 1 in the next period is
• Markov analysis is a technique that deals with the probabilities of future occurrences by
• In Markov analysis, state probabilities must
• State transition probabilities in the Markov chain should
• The ________ determine(s) the equilibrium of a Markov process.
• Analysis of a Markov process
• Absorbing state probabilities are the same as
• At any period n, the state probabilities for the next period n+1 is given by the following formula:
• Cumulative probabilities are found by
• Probabilities of occurrence of any state are