Steady-state probabilities for this transition matrix algebraically
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A city is served by two newspapers- the Tribune and the Daily News. Each Sunday reader purchases one of the newspapers at a stand.
The following transition matrix contains the probabilities of a customer buying a particular newspaper in a week, given the newspaper purchased the previous week.
This Sunday Next Sunday
Tribune Daily News
Tribune 65 .35
Daily News .45 .55
Determine the steady-state probabilities for this transition matrix algebraically and explain what they mean.
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Solution Summary
Steady-state probabilities for this transition matrix algebraically is examined.
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